Interim report
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Q3 JANUARY–SEPTEMBER INTERIM REPORT Q3/2026
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JANUARY–SEPTEMBER 2026 Q3 2 KEY FIGURESRELAIS GROUP PLC Interim Report January–September 2026 (Unaudited): Strong EBITA growth in two business areas - efficiency measures underway in Technical Wholesale EUR 1,000 unless otherwise stated 7–9/ 2026 7–9/ 2025 Change 1–9/ 2026 1–9/ 2025 Change 12 months rolling Change 1–12/ 2025 Net sales 111,462 101,065 +10% 340,943 266,762 +28% 457,575 +19% 383,394 EBITDA 16,292 14,392 +13% 47,841 39,167 +22% 63,808 +16% 55,134 EBITA 9,839 8,832 +11% 27,785 24,983 +11% 37,724 +8% 34,922 EBITA margin 8.8% 8.7% 8.1% 9.4% 8.2% 9.1% Adjusted EBITA 1) 2) 11,512 10,914 +5% 32,385 27,663 +17% 43,138 +12% 38,416 Adjusted EBITA margin1) 2) 10.3% 10.8% 9.5% 10.4% 9.4% 10.0% Operating profit 7,630 7,084 +8% 21,572 21,495 0% 29,611 0% 29,534 Profit for the period 3,152 3,427 -8% 9,536 10,760 -11% 14,480 -8% 15,704 Earnings per share, basic, € 0.11 0.18 -38% 0.35 0.59 -40% 0.57 -29% 0.81 Adj. EPS excl. acquisitions, basic, € 1) 2) 0.32 0.39 -18% 0.94 0.93 +1% 1.30 0% 1.29 Cash flow from operations 4,833 6,647 -27% 21,996 9,087 46,858 +38% 33,949 Net Debt to EBITDA, LTM 4.01 3.74 +7% 3.80 Net Debt to EBITDA, LTM (non-IFRS)2) 5.02 4.33 +16% 4.42 Return on net working capital 2) 3) 43.1% 44.5% 41.5% Return on capital employed 2) 3) 10.6% 12.2% 11.1% JULY–SEPTEMBER 2026 IN BRIEF • Net sales totalled EUR 111.5 million (July–September 2025: 101.1), change +10% • Adjusted EBITA was EUR 11.5 (10.9) million, change +5% • Adjusted EBITA margin was 10.3 (10.8) % • Adjusted EPS excl. acquisitions, basic was EUR 0.32 (0.39) • Net cash flow from operations was EUR 4.8 (6.6) million JANUARY–SEPTEMBER 2026 IN BRIEF • Net sales totalled EUR 340.9 million (January–September 2025: 266.8), change +28% • Adjusted EBITA was EUR 32.4 (27.7) million, change +17% • Adjusted EBITA margin was 9.5 (10.4) % • Adjusted EPS excl. acquisitions, basic was EUR 0.94 (0.93) • Net cash flow from operations was EUR 22.0 (9.1) million The change percentages in the tables have been calculated on exact figures before the amounts were rounded to millions of euros. 1) Excluding IACs and purchase price allocation adjustments and amortisations (PPAs) as applicable 2) Alternative Performance Measure (“APM”) 3) The calculation formula of this key figure has been changed starting from the Q1 2026 interim report. The comparison period key figure has been restated accordingly.
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JANUARY–SEPTEMBER 2026 Q3 3 CEO Christian Gebauer comments on the third quarter of 2026 Strong EBITA growth in two business areas - efficiency measures underway in Technical Wholesale ADJUSTED EBITA INCREASED BY 5 PERCENT TO EUR 11.5 MILLION In the third quarter, Products and Solutions and Commercial Vehicle Services delivered strong earnings growth, increasing adjusted EBITA by 31 and 23 percent respectively. Technical Wholesale remained below our expectations, and restoring its profitability is my highest operational priority. Group adjusted EBITA increased by 5 percent to EUR 11.5 million, with an adjusted EBITA margin of 10.3 percent (10.8). Acquisitions contributed 5 percentage points, while organic adjusted EBITA declined by 1 percent due to Technical Wholesale and higher central costs. Reported EBITA was EUR 9.8 million (8.8). Net sales increased by 10 percent to EUR 111.5 million. Acquisitions contributed 6 and exchange rates 2 percentage points, and organic growth was 2 percent. Gross margin improved to 49.8 percent (48.4), but operating costs grew faster than sales, primarily in Technical Wholesale, where volume growth has not kept pace with the cost base. Cash flow has improved significantly year to date. For the first nine months, cash flow from operations more than doubled to EUR 22.0 million (9.1). In the third quarter, it was EUR 4.8 million (6.6), reflecting higher working capital and taxes paid. Return on capital employed was 10.6 percent (12.2), below our target of above 13 percent. Closing that gap requires us to improve both earnings and capital efficiency across the Group, with Technical Wholesale as the immediate priority. BUSINESS AREA PERFORMANCE Products and Solutions continued to perform strongly. Net sales increased by 24 percent to EUR 14.2 million, and adjusted EBITA by 31 percent to EUR 3.1 million. Most of the earnings growth came from existing businesses, where we see results of the implementation of the business area's value creation playbook. Pricing, product mix and cost discipline are factors improving the financials. We consolidated tershine from the beginning of August. The onboarding is progressing well, and preparations are under way for tershine's most important sales season in the fourth quarter. Commercial Vehicle Services increased adjusted EBITA by 23 percent to EUR 5.0 million, with the margin improving to 10.9 percent (9.7). Net sales increased by 10 percent to EUR 45.6 million. Earnings growth came from both acquisitions and existing workshops, supported by disciplined cost control. Demand softened toward the end of the quarter, particularly in Norway. In
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JANUARY–SEPTEMBER 2026 Q3 4 Finland, workshop consolidations aimed at improving profitability, reduced sales in the short term. Technical Wholesale increased net sales by 7 percent to EUR 54.3 million, despite localized market weakness, and improved its gross margin. Adjusted EBITA decreased to EUR 4.7 million (5.3), with the margin declining to 8.7 percent (10.5). Our Technical Wholesale companies remain among the most profitable in their markets. With that said, current profitability is below the level we expect, and we are therefore accelerating efficiency measures, with full effect expected during 2027. EXECUTING ON OUR STRATEGY Acquisitions remain central to our strategy. At the same time, creating value requires us to continuously improve earnings and returns from the businesses we already own. Products and Solutions and Commercial Vehicle Services demonstrate this well. Pricing measures have improved gross margins in Products & Solutions, while cost control has strengthened profitability in our workshops. In Technical Wholesale, our immediate priority is to improve earnings and returns on the investments already made, company by company. Market conditions were mixed during the quarter. Demand was largely stable, but softened in some markets toward the end of the period. As in any diverse portfolio, development varies between markets and operating companies. Our priorities for the remainder of the year are clear: execute the efficiency measures in Technical Wholesale and maintain working capital discipline through the high season. Across the Group, our focus is on ensuring that growth translates into higher earnings, stronger cash flow and better returns on capital. I would like to thank our employees for their work during the quarter, and our customers, shareholders and partners for their continued trust. Christian Gebauer, President and CEO
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JANUARY–SEPTEMBER 2026 Q3 5 STRATEGY, FINANCIAL TARGETS AND OUTLOOK 2026 As previously announced, Relais Group underwent a strategic review following the completion of its previous strategy period at the end of 2025. On 20 May 2026, Relais Group’s Board of Directors approved the group’s updated strategy, along with new financial targets and updated dividend policy. RELAIS GROUP’S STRATEGY FOR 2026–2028 – TURNING GROWTH INTO RETURNS Relais acquires and develops leaders in the European vehicle aftermarket. The group operates through three distinct business areas: Commercial Vehicle Services, Products and Solutions, and Technical Wholesale. The group creates long-term shareholder value by combining niche focus, decentralized execution and active capital allocation. The strategy and its execution are based on three cornerstones: • Local entrepreneurship – Decentralized model preserving local leadership and accountability • Focused M&A – Pursue selective, value- accretive opportunities with discipline • Disciplined capital allocation – Actively reallocate capital to maximize returns on capital employed The execution of the strategy is divided into: • Building the foundation for the next wave of profit growth • Improving the quality of growth • Scaling with capital efficiency During the previous strategy period, Relais has built a strong platform through M&A- driven expansion. In the strategy period 2026–2028, Relais will focus on converting that platform into maintaining strong EBITA growth and with increased focus on return on capital. This focus is reflected in the financial targets, which emphasize financial discipline and efficiency as a balancing factor to EBITA growth. FINANCIAL TARGETS AND DIVIDEND POLICY The Board of Directors of Relais Group confirmed on 20 May 2026 the following long-term financial targets: • Double-digit EBITA growth rate annually, on average over a business cycle • Return on capital employed (ROCE) above 13% Relais Group’s dividend policy is to target annual dividends of 30 percent of the fully diluted earnings per share of the Group, on average over a business cycle. In proposing the dividend, the Group’s equity, acquisition opportunities and related financing needs, liquidity position, long-term financing and investment needs, growth plans, applicable legal requirements, the Group's solvency and other factors considered relevant to the Board of Directors are taken into account. 2026 OUTLOOK Relais Group does not provide a numeric guidance for the financial year 2026.
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74.9 90.7 82.8 82.9 101.1 116.6 119.0 110.5 111.5 4% 4% -4% -6% 4% -2% 7% 4% 2% -10 % - 5 % 0 % 5 % 10 % 15 % 20 % 2 5 % 30 % 3 5 % -10,0 10,0 30,0 50,0 7 0,0 90,0 110,0 130,0 150,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net sales Organic growth JANUARY–SEPTEMBER 2026 Q3 6 GROUP PERFORMANCE SALES NET SALES BRIDGE NET SALES & ORGANIC GROWTH Growth% 7–9/2026 1–9/2026 Organic 2% 4% Acquisitions 6% 21% Fx 2% 2% Total 10% 28% In July-September 2026, net sales were EUR 111.5 (101.1) million, an increase of 10% against the corresponding period last year. Acquired net sales growth contributed 6% and exchange rate differences had a positive impact of 2%. Organic net sales growth was 2%, driven by Technical Wholesale and Products and Solutions, while Commercial Vehicle Services had a slight decrease. In January–September 2026, net sales were EUR 340.9 (266.8) million, an increase of 28% against the corresponding period last year. Acquired net sales growth contributed 21% and exchange rate differences had a positive impact of 2%. Organic net sales increased 4%, driven by Technical Wholesale and Products and Solutions, while Commercial Vehicle Services had a slight decrease.
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9.2 10.6 9.2 7.6 10.9 10.8 12.8 8.0 11.5 12% 12% 11% 9% 11% 9% 11% 7% 10% 0 % 5 % 10 % 15 % 20 % 2 5 % 30 % 3 5 % 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted EBITA Adjusted EBITA margin 105.0 94.7 101.2 96.1 108.3 45% 42% 43% 43% 43% 0 % 10 % 20 % 30 % 40 % 50 % 60 % 7 0 % 80 % 90 % 100 % 0,0 20,0 40,0 60,0 80,0 100,0 120,0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net working capital RONWC 377.6 389.8 401.5 405.3 433.0 12% 11% 11% 11% 11% 0 % 5 % 10 % 15 % 20 % 2 5 % 30 % 0,0 50,0 100,0 150,0 200,0 2 50 ,0 300,0 3 50, 0 400,0 4 50 ,0 500,0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Capital employed ROCE JANUARY–SEPTEMBER 2026 Q3 7 GROUP PERFORMANCE EARNINGS AND RETURN EBITA BRIDGE ADJUSTED EBITA & ADJUSTED EBITA MARGIN NWC & RONWC CAPITAL EMPLOYED & ROCE Growth% 7–9/2026 1–9/2026 Organic -1% -1% Acquisitions 5% 16% Fx 2% 2% Adjusted EBITA 5% 17% Items affecting comparability -6% 6% EBITA 11% 11%
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JANUARY–SEPTEMBER 2026 Q3 8 Group Performance: Earnings and Return In July-September 2026, the Group’s EBITA was EUR 9.8 (8.8) million. EBITA included EUR 1.7 (2.1) million from items affecting comparability (“IAC”). Adjusted EBITA was EUR 11.5 (10.9) million. The EBITA margin was 8.8 (8.7) % and the adjusted EBITA margin 10.3 (10.8) %. Acquired EBITA contributed 5 percent and exchange rate differences 2 percent to adjusted EBITA growth, while organic adjusted EBITA declined by 1 percent. Products and Solutions and Commercial Vehicle Services had organic adjusted EBITA growth. Technical Wholesale had negative organic adjusted EBITA growth, as the market developed more slowly than the cost base built for organic growth initiatives. The business area has initiated a profit improvement program. Restructuring costs related to the program will be reported as items affecting comparability in the coming quarters. Centralized costs were EUR 1.2 (0.8) million. The costs identified as items affecting comparability (IACs) were EUR 1.7 (2.1) million. They mainly consisted of one-off restructuring costs related to profitability improvement measures, including severance payments in Commercial Vehicle Services and the closure of a local depot in Technical Wholesale, as well as acquisition related costs. The IACs also included one-off, non-cash ERP change- related impact in Technical Wholesale. Operating profit for the reporting period was EUR 7.6 (7.1) million or 6.8 (7.0) % of net sales. Net financial items were EUR -2.2 (-2.7) million, of which interest expenses on loans net of the change in fair value of floating to fixed interest swaps were EUR -1.1 (-2.0) million and interest expenses on lease liabilities were EUR -1.6 (-1.2) million. The increase in interest on lease liabilities was attributable to increased lease liabilities mostly due to acquisitions and Raskone's new flagship workshop. Exchange rate differences included in net financial items were EUR 0.7 (0.7) million, of which EUR 1.4 (0.5) million were unrealized. Income taxes were EUR -2.3 (-1.0) million. In the quarter there was a one-time non-cash negative accounting impact of approximately EUR -1.4 million in taxes due to changes in deferred taxes from the previous year. The profit for the period was EUR 3.2 (3.4) million and the adjusted profit for the period excluding amortisation of acquisitions was EUR 7.0 (7.3) million. Earnings per share, basic were EUR 0.11 (0.18). EPS was negatively impacted by the one-time non-cash negative accounting impact in taxes, by increased amortization of acquisition related intangible assets and the hybrid bond interest net of taxes. The adjusted earnings per share excluding amortisation of acquisitions, basic were EUR 0.32 (0.39). The adjusted EPS excluding amortisation of acquisitions was negatively impacted by the one-time non-cash negative accounting impact in taxes and the hybrid bond interest net of taxes. Return on net working capital (RONWC) was 43.1 (44.5) %. The decrease was partly attributable to increased average net working capital following acquisitions in 2025 and 2026, while the return component from these acquisitions is not fully reflected in rolling 12 months' figures. Return on capital employed (ROCE) was 10.6 (12.2) % and return on equity (ROE) was 7.1 (9.7) %. ROCE was partly burdened by increased average capital employed as a consequence of acquisitions in 2025 and 2026, while the rolling twelve month return component only includes partial year profits from these acquisitions. Return on equity was negatively impacted by the one-time non-cash negative accounting impact in taxes and by increased amortization of acquisition related intangible assets. In January-September 2026, the Group’s EBITA was EUR 27.8 (25.0) million. EBITA included EUR 4.6 (2.7) million from items affecting comparability (“IAC”). Adjusted EBITA was EUR 32.4 (27.7) million. The EBITA margin was 8.1 (9.4) % and the adjusted EBITA margin 9.5 (10.4) %. Acquired EBITA contributed 16% and exchange rate differences had a positive impact of 2% on adjusted EBITA. Organic adjusted EBITA decreased by 1 percent. Products and Solutions and Commercial Vehicle Services had positive organic
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JANUARY–SEPTEMBER 2026 Q3 9 Group Performance: Earnings and Return adjusted EBITA growth, while Technical Wholesale had negative organic adjusted EBITA growth. Centralized costs were EUR 3.6 (2.3) million. The costs identified as items affecting comparability (IACs) were EUR 4.6 (2.7) million. In addition to the third quarter IACs, they included certain one-time costs in centralized functions and in Products and Solutions, write-down of IT development costs, a one-time adjustment to the net realizable inventory value of certain products in Startax Finland following initiated measures to streamline the product assortment and increase focus on higher return product categories as well as acquisition related costs. Operating profit for the reporting period was EUR 21.6 (21.5) million or 6.3 (8.1) % of net sales. Net financial items were EUR -7.9 (-7.7) million, of which interest expenses on loans net of the change in fair value of floating to fixed interest swaps were EUR -3.8 (-4.5) million and interest expenses on lease liabilities were EUR -4.6 (-2.6) million. The increase in interest on lease liabilities was attributable to significantly increased lease liabilities due to acquisitions, particularly Team Verksted AS in the second quarter of 2025, and Raskone's new flagship workshop. Exchange rate differences included in net financial items were EUR 0.5 (0.0) million, of which EUR 3.8 (-1.5) million were unrealized. Income taxes were EUR -4.1 (-3.0) million. In the third quarter there was a one-time non-cash negative accounting impact of approximately EUR -1.4 million in taxes due to changes in deferred taxes from the previous year. The profit for the period was EUR 9.5 (10.8) million and the adjusted profit for the period excluding amortisation of acquisitions was EUR 20.3 (16.9) million. Earnings per share, basic were EUR 0.35 (0.59). EPS was negatively impacted by the one-time non-cash negative accounting impact in taxes, by increased amortization of acquisition related intangible assets and the hybrid bond interest net of taxes. The adjusted earnings per share excluding amortisation of acquisitions, basic were EUR 0.94 (0.93). The adjusted EPS excluding amortisation of acquisitions was negatively impacted by the one-time non-cash negative accounting impact in taxes and the hybrid bond interest net of taxes. Return on net working capital (RONWC) was 43.1 (44.5) %. The decrease was partly attributable to increased average net working capital following acquisitions in 2025 and 2026, while the return component from these acquisitions is not fully reflected in rolling 12 months' figures. Return on capital employed (ROCE) was 10.6 (12.2) % and return on equity (ROE) was 7.1 (9.7) %. ROCE was partly burdened by increased average capital employed as a consequence of acquisitions in 2025 and 2026, while the rolling twelve month return component only includes partial year profits from these acquisitions. Return on equity was negatively impacted by the one-time non-cash negative accounting impact in taxes and by increased amortization of acquisition related intangible assets.
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337.7 330.2 364.3 438.4 488.0 493.0 511.8 508.8 529.6 0,0 100,0 200,0 3 00,0 400,0 5 00,0 600,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Cash Current assets Other non-current Right of use Goodwill 146.5 141.3 146.7 226.9 200.0 209.6 213.4 226.0 255.6 3.0x 2.7x 2.9x 4.4x 3.7x 3.8x 3.6x 3.7x 4.0x 0,0 x 1,0 x 2,0 x 3,0 x 4,0 x 5,0 x 6,0 x 7 ,0 x 8,0 x 9,0 x 0,0 50,0 100,0 150,0 200,0 2 50 ,0 300,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net debt Net debt / LTM EBITDA JANUARY–SEPTEMBER 2026 Q3 10 GROUP PERFORMANCE BALANCE SHEET AND FINANCIAL POSITION TOTAL ASSETS BY MAJOR ASSET CATEGORY BALANCE SHEET On 30 September 2026, total assets were EUR 529.6 (488.0) million. Non-current assets were EUR 333.4 (279.3) million, of which EUR 169.1 (142.5) million was attributable to goodwill and EUR 109.4 (93.5) million to right of use assets. The increase in right-of-use assets originates partially from acquisitions and partially from Raskone's new flagship workshop. Net working capital amounted to EUR 108.3 (105.0) million. Acquisitions in 2025 and 2026 have had an increasing impact on the net working capital. Excluding the impact of acquisitions, net working capital decreased. Inventory turnover increased to 4.4 (3.8), while net working capital turnover increased to 4.6 (4.2). Inventory and net working capital turnover were positively impacted by the implemented efficiency measures. There is also a negative impact as a consequence of acquisitions, as the rolling twelve month net sales component only includes partial year net sales of acquired companies in the inventory and net working capital turnover formulas. FINANCIAL POSITION On 30 September 2026, the Group’s interest-bearing liabilities excluding lease NET DEBT & NET DEBT TO LTM EBITDA
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JANUARY–SEPTEMBER 2026 Q3 11 Group Performance: Balance Sheet and Financial Position liabilities amounted to EUR 156.8 (141.6) million. The net increase was mainly attributable to the increase in synthetic option following the acquisition of the majority of tershine AB, and draw down of the remaining uncommitted facility in the third quarter 2026. The interest-bearing liabilities include a total present value of synthetic forward options of EUR 22.7 million. These are related to the Matro Group, Qpax and tershine acquisitions. Lease liabilities amounted to EUR 114.5 (96.8) million. The increase in lease liabilities originates partially from acquisitions and partially from Raskone's new flagship workshop in Tuusula. The workshops and their associated lease assets and liabilities constitute an essential role in maintaining market presence at key locations. Cash assets were EUR 15.8 (38.4) million at the end of the review period. Net debt was EUR 255.6 (200.0) million and non-IFRS net debt was EUR 191.1 (153.2) million. Net debt to LTM EBITDA was 4.01 (3.74) and net debt to LTM EBITDA (non-IFRS) was 5.02 (4.33). The Group’s total equity was EUR 176.1 (178.1) million. The equity ratio was 33.3 (36.5) %.
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4.3 16.4 2.7 -0.2 6.6 24.9 10.4 6.8 4.8 35% 140% 36% 69% 67% 170% 67% 100% 60% - 20 0 % 0 % 200 % 400 % 600 % 800 % 1000 % - 5, 0 0,0 5,0 10,0 15,0 20,0 2 5, 0 30,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Cash flow from operating activities Cash conversion -0.8 -3.5 -0.9 -20.7 -15.6 -16.4 -6.8 -1.0 -14.3 - 25 , 0 - 20 , 0 - 1 5, 0 -10,0 - 5, 0 0,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 M&A Other investments JANUARY–SEPTEMBER 2026 Q3 12 GROUP PERFORMANCE CASH FLOW In July-September 2026, cash flow from operating activities was EUR 4.8 (6.6) million. The cash flow impact from change in net working capital was EUR -5.4 (-3.9) million and cash flow from finance items was EUR -6.2 (-4.5) million. The cash flow from finance items was affected by increased interest on leases EUR -1.6 (-1.2) million and increased income taxes paid EUR -3.5 (-2.3) million. Cash flow from investing activities was EUR -14.3 (-15.6) million, consisting predominantly of acquisitions of EUR -13.0 (-14.0) million. Investments in intangible and tangible assets were EUR -1.4 (-1.6) million. Cash flow from financing activities was EUR -1.9 (27.6) million. In the review period the cash flow consisted of repayment of lease liabilities, hybrid bond interest and proceeds from acquisition financing. In January-September 2026, cash flow from operating activities was EUR 22.0 (9.1) million. The cash flow impact from change in net working capital was EUR -8.1 (-14.0) million and cash flow from finance items was EUR -18.7 (-17.2) million. The cash flow from finance items was mainly affected by increased interest on leases EUR -4.6 (-2.6) million. Cash flow from investing activities was EUR -22.1 (-37.2) million, consisting predominantly of the acquisitions. Investments in intangible and tangible assets were EUR -5.5 (-4.0) million. Cash flow from financing activities was EUR -18.6 (56.9) million. In the review period the cash flow consisted of repayment of lease liabilities, hybrid bond interest, paid dividend, loan amortization and proceeds from acquisition financing. CASH FLOW FROM OPERATING ACTIVITIES & CASH CONVERSION CASH FLOW FROM INVESTING ACTIVITIES (M&A AND OTHER INVESTMENTS)
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JANUARY–SEPTEMBER 2026 Q3 13 Relais Group manages and monitors its operations through three distinct business areas, enabling clearer strategic steering, improved transparency, and a more disciplined capital allocation across the Group. Commercial Vehicle Services consists of companies that are leading suppliers of repair, maintenance, and service solutions for commercial vehicles and industrial equipment. These companies create value through a strong focus on availability, safety, and total cost of ownership, where reliability and uptime are mission critical. Products and Solutions consists of companies with scalable branded products and solutions for vehicle users across international markets. The companies create value through innovation, strong market positioning, and international scalability. Technical Wholesale brings together leading distributors of spare parts, vehicle equipment, and technical solutions primarily for commercial vehicles and professional mobility. These companies create value through scale, strong local market leadership, and disciplined execution in resilient aftermarket segments with recurring demand where uptime, safety, and availability are critical. COMPARATIVE FINANCIAL INFORMATION ACCORDING TO THE NEW SEGMENT STRUCTURE On 30 April 2026, Relais Group published comparative financial information according to the new segment structure for all quarters of 2025 and January–December 2025. BUSINESS AREAS
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Commercial Vehicle Services 40 % Products and Solutions 12 % Technical Wholesale 48 % 4.0 (10%) 2.4 (21%) 5.3 (10%) 5.0 (11%) 3.1 (22%) 4.7 (9%) 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7 ,0 8,0 Commercial Vehicle Services Products and Solutions Technical Wholesale Adjusted EBITA (Q3 2025) Adjusted EBITA (Q3 2026) Commercial Vehicle Services 41 % Products and Solutions 11 % Technical Wholesale 48 % 9.0 (9%) 5.8 (23%) 15.3 (11%) 12.5 (9%) 8.7 (22%) 14.9 (9%) 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0 18,0 Commercial Vehicle Services Products and Solutions Technical Wholesale Adjusted EBITA (1-9/2025) Adjusted EBITA (1-9/2026) JANUARY–SEPTEMBER 2026 Q3 14 BUSINESS AREA PERFORMANCE Overall business area development in Q3 2026: Overall business area development in Q1–Q3: NET SALES BY BUSINESS AREA, % ADJUSTED EBITA AND ADJUSTED EBITA MARGIN BY BUSINESS AREA NET SALES BY BUSINESS AREA, % ADJUSTED EBITA AND ADJUSTED EBITA MARGIN BY BUSINESS AREA
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41.3 46.7 50.7 46.2 45.6 0,0 10,0 20,0 3 0,0 40,0 5 0,0 60,0 7 0,0 80,0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 4.0 2.5 4.6 2.9 5.0 10% 5% 9% 6% 11% 0 % 5 % 10 % 15 % 20 % 2 5 % 30 % 3 5 % 40 % 4 5 % 50 % 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted EBITA Adjusted EBITA margin JANUARY–SEPTEMBER 2026 Q3 15 Commercial Vehicle Services In July-September 2026, net sales of the business area were EUR 45.6 (41.3) million, an increase of 10%. The acquisition and consequent consolidation of the Wetteri workshops in October 2025, TJ Fordonsservice AB in November 2025 and Landströms Bygg & Plåt i Gällivare AB (“LBP”) in February 2026 had an increasing impact on net sales. Fuel price increases in 2026 have impacted the segment's customers negatively. Especially notable was the removal of temporary fuel price subsidies in Norway as of 1 September. This had a temporary impact on the activity in the workshops, and may still impact in the coming periods. For now, the overall impact remains limited. In Sweden, a similar temporary fuel price subsidy is due to end as of 1 December. The data from the impact in Norway will be used to prepare for any impact in the Swedish market. In Finland, workshop consolidations aimed at improving profitability, reduced sales in the quarter. Adjusted EBITA was EUR 5.0 (4.0) million, an increase of 23%. The acquired companies had a large positive impact on the adjusted EBITA. The organic adjusted EBITA growth was also positive, driven by implemented profitability improvement measures in Team Verkstad Sverige, but also from good general cost control in the business area. The increased adjusted EBITA margin is explained by good cost control and good profitability of acquired businesses. In January-September 2026, net sales of the business area were EUR 142.5 (102.1) million, an increase of 40%. The acquisition and consequent consolidation of Team Verksted AS in June 2025, the Wetteri workshops in October 2025, TJ Fordonsservice AB in November 2025 and Landströms Bygg & Plåt i Gällivare AB (“LBP”) in February 2026 had a significant increasing impact on net sales. Adjusted EBITA was EUR 12.5 (9.0) million, an increase of 39%. The acquired companies had a large positive impact on the adjusted EBITA. EUR 1,000 unless otherwise stated 7–9/ 2026 7–9/ 2025 1–9/ 2026 1–9/ 2025 12 months rolling 1–12/ 2025 Net sales 45,600 41,299 142,535 102,073 189,195 148,733 Adjusted EBITA 4,964 4,020 12,461 8,989 14,976 11,504 Adjusted EBITA margin 10.9% 9.7% 8.7% 8.8% 7.9% 7.7% NET SALES ADJUSTED EBITA AND EBITA MARGIN
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11.4 12.3 12.7 12.2 14.2 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0 18,0 20,0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2.4 2.7 3.1 2.6 3.1 21% 22% 24% 21% 22% 0 % 5 % 10 % 15 % 20 % 2 5 % 30 % 3 5 % 40 % 4 5 % 50 % 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted EBITA Adjusted EBITA margin JANUARY–SEPTEMBER 2026 Q3 16 Products and Solutions In July-September 2026, net sales of the business area were EUR 14.2 (11.4) million, an increase of 24%. The acquisitions and consequent consolidation of Qpax in January 2026 and tershine as of August 2026 had a significant increasing impact on net sales. Companies in the business area continued to perform well in a challenging market, contributing with also organic sales growth. Adjusted EBITA was EUR 3.1 (2.4) million, an increase of 31%. The acquired companies had a small positive impact on the adjusted EBITA, while organic adjusted EBITA growth was very strong. The adjusted EBITA margin was 21.8%, an increase from 20.7% last year. This is a result of the implementation of the business area's playbook in acquired companies. Pricing, product mix and cost discipline are key success factors. The business area’s focus remains on developing the acquired companies further by strengthening proprietary premium brands, improving product mix and leveraging commercial and product development capabilities across the business area. In January-September 2026, net sales of the business area were EUR 39.0 (24.6) million, an increase of 59%. The acquisition and consequent consolidation of Matro Group in July 2025, Qpax in January 2026 and tershine as of August 2026 had a significant increasing impact on net sales. Organic sales growth remained strong in the business area, despite a challenging market. Adjusted EBITA was EUR 8.7 (5.8) million, an increase of 51%. Organic adjusted EBITA growth remained very strong, while the acquired companies also had a significant positive impact on the adjusted EBITA. The adjusted EBITA margin decreased year-on-year, mainly reflecting the product and brand mix of the acquired companies. Historically, Matro Group and Qpax have had slightly lower margins than the rest of the business area. This impact was mainly seen in the first half of the year, while Q3 showed improvement. EUR 1,000 unless otherwise stated 7–9/ 2026 7–9/ 2025 1–9/ 2026 1–9/ 2025 12 months rolling 1–12/ 2025 Net sales 14,155 11,372 38,987 24,558 51,246 36,817 Adjusted EBITA 3,093 2,359 8,705 5,770 11,447 8,512 Adjusted EBITA margin 21.8% 20.7% 22.3% 23.5% 22.3% 23.1% NET SALES ADJUSTED EBITA AND EBITA MARGIN
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50.9 60.4 58.6 54.5 54.3 0,0 10,0 20,0 3 0,0 40,0 5 0,0 60,0 7 0,0 80,0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 5.3 6.9 6.3 3.8 4.7 10% 11% 11% 7% 9% 0 % 5 % 10 % 15 % 20 % 2 5 % 30 % 3 5 % 40 % 4 5 % 50 % 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted EBITA Adjusted EBITA margin JANUARY–SEPTEMBER 2026 Q3 17 Technical Wholesale In July-September 2026, net sales of the business area were EUR 54.3 (50.9) million, an increase of 7%. Most of this was organic growth, due to organic growth investments. The acquisition of Service-Ekspressen in April 2026 had a small positive impact. Adjusted EBITA was EUR 4.7 (5.3) million, a decrease of 12%. The market developed more slowly than the cost base built up through organic growth initiatives, and volume growth has not been sufficient to cover the increased costs. As a consequence, the adjusted EBITA margin decreased from 10.5% to 8.7%. The business area has initiated a profit improvement program, tailored company by company, focused on cost efficiency and, in selected companies, structural changes. The measures identified to date are expected to reach their full annualized earnings effect during 2027. As part of the program, two local depots have been or are being closed down and two business area roles have been discontinued. Restructuring costs related to the program have been reported as items affecting comparability in the third quarter. In the coming quarters there will be further restructuring costs, which will also be reported as items affecting comparability. In January-September 2026, net sales of the business area were EUR 167.3 (144.2) million, an increase of 16%. Organic growth has contributed a majority of the growth, reflecting the organic growth initiatives. The acquisition and consequent consolidation of LVD Lastvagnsdelar AS in June 2025, Autodelar Sweden AB in July 2025 and Service-Ekspressen AS in April 2026 also impacted positively on net sales. Adjusted EBITA was EUR 14.9 (15.3) million, a decrease of 3%. In addition to the profit improvement program, during the first quarter, measures in Startax were initiated to streamline the product assortment and increase focus on higher-return product categories. These actions support improved capital efficiency and profitability over time. EUR 1,000 unless otherwise stated 7–9/ 2026 7–9/ 2025 1–9/ 2026 1–9/ 2025 12 months rolling 1–12/ 2025 Net sales 54,286 50,909 167,318 144,248 227,689 204,619 Adjusted EBITA 4,696 5,331 14,851 15,258 21,780 22,187 Adjusted EBITA margin 8.7% 10.5% 8.9% 10.6% 9.6% 10.8% NET SALES ADJUSTED EBITA AND EBITA MARGIN
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JANUARY–SEPTEMBER 2026 Q3 18 ACQUISITIONS ACQUISITION OF TERSHINE AB On 28 July 2026, Relais Group acquired 70 percent of tershine AB from its founder and entrepreneur. Tershine was consolidated into Relais Group from the beginning of August 2026 as part of the Products and Solutions business area. Historically, tershine has been able to grow with strong profitability. In the fiscal year 2025/2026 which ended in June 2026, tershine’s preliminary estimated net sales were SEK 155 million and operating profit approximately SEK 29 million (unaudited, Swedish GAAP). Out of the purchase price, SEK 20.0 million was paid in Relais Group shares. As announced on 31 July 2026, 125,383 shares were transferred to the seller as payment. The subscription price was determined based on the volume-weighted average price of the Relais Group share for the 20 trading days preceding the last bank day before the closing date.
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JANUARY–SEPTEMBER 2026 Q3 19 GOVERNANCE, SUSTAINABILITY AND PERSONNEL RESOLUTIONS OF THE ANNUAL GENERAL MEETING Relais Group Plc’s Annual General Meeting (AGM) was held in Helsinki on 14 April 2026. The AGM adopted the financial statements for the financial year 2025 and discharged the members of the Board of Directors and the CEO from liability for the financial year 2025. The AGM also adopted the Remuneration Report 2025 through an advisory resolution. The AGM confirmed the number of Board members as six, and re-elected Olli-Pekka Kallasvuo, Katri Nygård, Jesper Otterbeck and Lars Wilsby as members of the Board of Directors, and elected Arni Ekholm and Maaret Vähätalo-Davey as new members. In the Board meeting held after the AGM, the Board of Directors elected Jesper Otterbeck as Chairman of the Board. The AGM decided that the Chair of the Board shall be paid an annual fee of EUR 65,000 and the Board members an annual fee of EUR 35,000. The AGM also decided that any travel expenses of the Board members will be reimbursed in accordance with the company’s travel policy. If the Board of Directors decides to elect a Deputy Chair of the Board from among its members, the annual fee to be paid to the Deputy Chair of the Board shall be EUR 45,000. If the Board of Directors establishes committees from among its members, the committee chair shall be paid an additional annual fee of EUR 15,000 and committee members shall be paid an additional annual fee of EUR 7,500. The AGM elected audit firm PricewaterhouseCoopers Oy as the company’s auditor, and they have informed the company that the principal auditor will be Ylva Eriksson, Authorized Public Accountant. The AGM decided to pay the auditor’s fee as invoiced and approved by the company. The AGM also elected Pricewaterhouse- Coopers as the company’s sustainability reporting assurance provider, and they have informed the company that the responsible sustainability auditor will be Ylva Eriksson, Authorized Sustainability Auditor. The AGM decided to pay sustainability reporting assurance provider’s fee as invoiced and approved by the company. The AGM decided, in accordance with the proposal of the Board of Directors, that a dividend in the total amount of EUR 0.30 per share be paid on the basis of the adopted balance sheet for the financial year 2025. The dividend will be paid in two equal instalments as follows: The first instalment of the dividend, EUR 0.15 per share in aggregate, is paid to shareholders who are recorded on the company’s list of shareholders maintained by Euroclear Finland Oy on the record date for the first dividend instalment on 16 April 2026. The payment date for the first dividend instalment is on 23 April 2026. The second dividend instalment, EUR 0.15 per share in aggregate, is paid in November 2026. The second dividend instalment is paid to shareholders who are recorded on the company’s list of shareholders maintained by Euroclear Finland Oy on the record date for the second dividend payment.
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JANUARY–SEPTEMBER 2026 Q3 20 The AGM decided to authorize the Board of Directors to decide the record date and payment date for the second dividend instalment. On its meeting to be held on or about 11 November 2026, the Board of Directors will confirm the record date and payment date for the second instalment of the dividend. The preliminary record date for the second instalment is 13 November 2026, and the preliminary date of payment is 30 November 2026. The AGM further decided to authorize the Board of Directors, if necessary, to decide on a new date of record and date of payment for the second instalment of the dividend, should the rules of Euroclear Finland Oy or regulations or rules of the Finnish book- entry securities system change or otherwise require it. The AGM authorized the Board of Directors to resolve on the acquisition or accepting as pledge of a maximum of 1,849,713 of the company’s own shares in one or more tranches using the company’s unrestricted equity. Own shares may be acquired and/or accepted as pledge in order to, inter alia, develop the company’s capital structure, finance or implement any corporate acquisitions or other transactions, implement share-based incentive plans, pay board fees or otherwise transfer or cancel them. Own shares may be acquired in public trading on marketplaces whose rules and regulations allow the company to trade in its own shares. In such a case, own shares are acquired through directed acquisition, i.e. in a proportion other than its shareholders’ holdings of company shares, and the consideration paid for the shares is based on their publicly quoted market price of the company’s share so that the minimum price of the purchased shares equals the lowest market price quoted in public trading during the authorization period and their maximum price equals the highest market price quoted in public trading during that period. The authorization is effective until the end of the Annual General Meeting to be held in 2027, yet no further than until 30 June 2027. This authorization cancels the authorizations to decide on the acquisition or acceptance as pledge of own shares granted at the earlier General Meetings. The AGM authorized the Board of Directors to decide on issuing a maximum of 3,699,425 new shares in a share issue or on granting special rights (including stock options) entitling holders to shares as referred to in Chapter 10 Section 1 of the Limited Liability Companies Act, as well as the conveyance of up to the same maximum number (3,699,425) of treasury shares held by the company, in one or several tranches. In practice, the above authorization includes that the Board of Directors may first decide on one or more share issues (up to the maximum number of 3,699,425 new shares) without consideration to the company itself and then further convey such treasury shares (up to the maximum number of 3,699,425 shares) against consideration (including as shares to be received based on stock-options or other special rights issued based on the same authorization). This authorization may be used to, inter alia, finance and implement any prospective corporate acquisitions or other transactions, to implement the company’s share-based incentive plans, or for other purposes determined by the Board. The authorization grants the Board the right to decide on all terms and conditions governing said share issue and the granting of special rights entitling to shares, including the subscribers or the grantees of said special rights entitling to shares and the payable consideration. The authorization also includes the right to issue shares and special rights entitling to shares by deviating from the shareholders’ pre-emptive rights, i.e. in a directed manner. The authorization of the Board covers both the issue of new shares and the assignment of any shares that may be held in the company’s treasury. The authorization is effective until the closing of the Annual General Meeting to be held in 2027, yet no further than until 30 June 2027. This authorization cancels previous authorizations resolved in General Meetings concerning the issue of shares and special rights entitling to shares.
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JANUARY–SEPTEMBER 2026 Q3 21 MANAGEMENT TEAM On 14 September 2026, Relais Group announced that Joonas Mäkipeska (b. 1978) has been appointed Chief Financial Officer of Relais Group and a member of the Group Management Team, reporting to the CEO. He will assume the position no later than February 2027. Sebastian Seppänen will continue as interim CFO until then and will thereafter remain a member of the Group Management Team in a strategic role focused on capital allocation, M&A and value creation, reporting to the CEO. On 30 September 2026, the Group Management Team comprised the following members: • Christian Gebauer, President & CEO • Jan Popov, Head of Business Area Commercial Vehicle Services • Johan Carlos, Head of Business Area Products and Solutions • Juan Garcia, Head of Business Area Technical Wholesale • Sebastian Seppänen, Director M&A and Business Development and Interim CFO • Juri Viitaniemi, Director Compliance, Legal and HR SUSTAINABILITY On 12 March 2026, Relais published its second Sustainability Report prepared in accordance with the European Sustainability Reporting Standards (ESRS) and the Finnish Accounting Act as part of the Report of the Board of Directors. In the reporting period, Relais continued its planned development measures related to sustainability. PERSONNEL In January-September 2026 the Group employed an average of 1,706 (1,441) employees, an increase of 265. On 30 September 2026 the personnel amounted to 1,727 (1,658) representing an increase of 69. In January-September 2026 the employee benefit expenses totalled EUR 86.4 (63.9) million.
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JANUARY–SEPTEMBER 2026 Q3 22 SHARES AND SHAREHOLDERS SHARE CAPITAL AND NUMBER OF SHARES At the end of the period under review, the company’s fully paid-up share capital, as recorded in the Trade Register, amounted to EUR 80,000 and the number of shares totalled 18,695,972 (18,435,523). The company has one class of shares, and each share entitles the shareholder to one vote at the General Meeting. No voting restrictions or limits on the number of shares that can be held are in place. The company’s share does not have a nominal value. All shares provide equal entitlements to the dividend and other fund distribution (including fund distribution in dissolution situations). SHAREHOLDINGS According to the shareholder register maintained by Euroclear Finland, Relais Group had 3,715 shareholders (3,705) at the end of the review period. Of the shares, 17.3 (12.9) % were owned by nominee-registered shareholders. SHARE SUBSCRIPTIONS WITH STOCK OPTIONS On 29 July 2026, Relais Group announced that a total of 10,086 new shares had been subscribed for with the stock options 2023A and 2023B. The new shares were registered in the trade register on 31 July 2026 and trading on the main market of Nasdaq Helsinki commenced on 3 August 2026. Following the registration, the total number of Relais Group's shares amounted to 18,570,589. DIRECTED SHARE ISSUES FOLLOWING THE ACQUISITION OF TERSHINE AB On 31 July 2026, Relais Group announced directed share issues related to the acquisition of tershine AB. A total of 125,383 shares were then transferred to the seller of tershine AB as partial payment for the acquisition. The new shares were registered in the Trade Register on 6 August 2026, and trading on the main market of Nasdaq Helsinki commenced on 7 August 2026. Following the registration, the total number of Relais Group's shares amounted to 18,695,972. FLAGGING NOTIFICATIONS During the third quarter of 2026, Relais Group did not receive any flagging notifications pursuant to Chapter 9 of the Finnish Securities Markets Act. MANAGEMENT TRANSACTIONS Management transactions in Relais Group Plc's shares during the review period have been published as stock exchange releases and are available on the Company's website at www.relais.fi/investors/releases.
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JANUARY–SEPTEMBER 2026 Q3 23 OWNERSHIP BY SIZE OF HOLDING, 30 SEPTEMBER 2026 On 30 September 2026 Relais Group did not hold any of its own shares. The company’s ten largest2 registered shareholders and their holdings on 30 September 2026: Number of shares Shareholders % Shares % 1 – 100 1,713 46.1 69,803 0.4 101 – 500 1,378 37.1 337,977 1.8 501 – 1,000 311 8.4 229,489 1.2 1,001 – 5,000 233 6.3 462,356 2.5 5,001 – 10,000 26 0.7 200,545 1.1 10,001 – 50,000 19 0.5 512,033 2.7 50,001 – 100,000 10 0.3 714,766 3.8 100,001 + 16 0.4 12,940,036 69.2 Nominee registered 9 0.2 3,228,967 17.3 Total 3,715 100.0 18,695,972 100.0 Shareholder Number of shares % 1. Salmivuori Ari 3,168,800 17.0 2. Nordic Industry Development AB1 3,015,600 16.1 3. Ajanta Oy2 2,473,300 13.2 4. Helander Holding Oy 835,487 4.5 5. Rausanne Oy 718,719 3.8 6. Evli Finland Small Cap Fund 515,000 2.8 7. Evli Finland Select Fund 410,000 2.2 8. Elo Mutual Pension Insurance Company 380,044 2.0 9. Kari Kauhanen 352,459 1.9 10. Danske Invest Finnish Equity Fund 251,322 1.3 11. Sijoitusrahasto Säästöpankki Pienyhtiöt 182,271 1.0 Ten largest combined 12,303,002 65.8 Other shareholders 6,392,970 34.2 Total 18,695,972 100.0 OWNERSHIP BY SECTOR, 30 SEPTEMBER 2026 Sector Shareholders % Shares % Non-financial corporations 172 4.6 2,200,008 11.8 Financial and insurance corporations 23 0.6 4,056,418 21.7 General government 3 0.1 533,831 2.9 Households 3,482 93.7 2,220,432 11.9 Non-profit institutions serving households 12 0.3 161,996 0.9 Rest of the world 14 0.4 6,294,320 33.7 Nominee registered 9 0.2 3,228,967 17.3 Total 3,715 100.0 18,695,972 100.0 1 In Nordic Industry Development AB, control is indirectly held by Jesper Otterbeck. 2 In Ajanta Oy, control is held by Ari Salmivuori. In the table above, Salmivuori and Ajanta Oy are considered as one shareholder.
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EUR 10 EUR 12 EUR 14 EUR 16 EUR 18 EUR 20 1/2026 2/2026 3/2026 4/2026 5/2026 6/2026 7/2026 8/2026 9/2026 JANUARY–SEPTEMBER 2026 Q3 24 On 30 September 2026, the members of the Board of Directors and the Management Team of Relais Group owned a total of 3,472,938 Relais Group shares, corresponding to approximately 18.6% of all shares and votes. The number of shares includes those held by the persons themselves as well as those held by close associates and controlled corporations. Jan–Sept 2026 Jan–Sept 2025 Trading volume, number of shares 1,159,206 3,600,352 Trading volume, EUR 17,425,352 50,750,132 Highest price, EUR 17.95 17.20 Lowest price, EUR 13.20 12.35 Closing quotation, end of period, EUR 13.50 15.40 Shares Christian Gebauer 16,000 Johan Carlos 8,565 Arni Ekholm 69,092 Juan Garcia1 64,397 Olli-Pekka Kallasvuo2 84,300 Katri Nygård 106,050 Jesper Otterbeck3 3,024,450 Jan Popov 68,791 Sebastian Seppänen 1,293 Lars Wilsby4 30,000 Total 3,472,938 SHARE PRICE DEVELOPMENT 2 JANUARY – 30 SEPTEMBER 2026 1 Owned through JG Management AB, which is controlled by Juan Garcia. 2 Owned directly and through Entrada Oy, which is controlled by Olli-Pekka Kallasvuo. 3 Owned through Nordic Industry Development AB, which is controlled indirectly by Jesper Otterbeck and Otterbeck Management AB, which is controlled by Jesper Otterbeck. 4 Owned by Wilsby Invest AB which is controlled by Lars Wilsby. (12.35), the highest was EUR 17.95 (17.20) and the average price was EUR 15.03 (14.10). At the end of September, the closing price of the share was EUR 13.50 (15.40). The company’s market capitalization on 30 September 2026 was EUR 252 (284) million. SHARE TRADING AND THE COMPANY’S MARKET CAPITALIZATION In January-September 2026, a total of 1,159,206 Relais Group shares (3,600,352) were traded on Nasdaq Helsinki, representing 6.2 (19.5) % of the shares outstanding. The total value of the share turnover was EUR 17,425,352 (50,750,132). The lowest price of the share was EUR 13.20
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JANUARY–SEPTEMBER 2026 Q3 25 consists of approximately 10 key employees, including the CEO and the members of the Management Team. 2) Two stock option plans (2025A and 2025B) for key employees were launched on 5 November 2025. A total of 172,000 new stock options out of a maximum of 172,000 stock options were granted and accepted by the recipients on 24 November 2025. The stock options were issued gratuitously. The number of shares subscribed by exercising stock options issued corresponds to a maximum total of 0.92 per cent of all shares and votes in the company after the potential share subscriptions if new shares are issued in the subscription. The share subscription period for the stock options is from 1 April 2028 to 30 June 2028. The target group of the stock option plans consists of 12 key employees including the newly appointed Group CEO. 3) Two stock option plans (2024A and 2024B) for key employees were launched on 8 May 2024. A total of 57,000 new stock options out of a maximum of 90,000 stock options were granted and accepted by the recipients on 31 May 2024. The stock option plans were amended on 5 November 2025 as follows: Instead of 50,000 options, 48,000 options will be marked with the symbol 2024A and issued to the Group’s Finnish key employees. Similarly, instead of 40,000 options, 42,000 options will be marked with the symbol 2024B and issued to the Group’s Swedish key employees. Additional options amounting to 33,000 were granted and accepted on 24 November 2025. The total amount of stock options granted at the end of the review period were therefore 90,000 out of a maximum of 90,000 stock options. The share subscription period for the stock options is from 1 April 2027 to 30 June 2027. The target group of the stock option plan consists of 11 key employees. 4) The current and former members of the Board of Directors and their inheritors owned on 30 September 2026 a total of 402,250 option rights relating to a stock option scheme established in 2017. The option rights, if exercised, entitle their holders to subscribe for a total of 402,250 Relais Group shares, corresponding to approximately 2.2% of the company shares and votes after the subscriptions. For more information, please see the Stock Exchange Releases published on 12 May 2026, 5 November 2025, 11 September 2025, 8 May 2024, note 2.6 in the Financial Statements 2025, the Remuneration Report 2025 and Relais Group’s investor pages under Corporate Governance and Remuneration. SHARE-BASED AND EQUITY-SETTLED LONG- TERM INCENTIVE AND OPTION SCHEMES Relais Group had four share-based and equity-settled long-term incentive and option schemes at the end of the review period: 1) On 12 May 2026, Relais Group Plc’s Board of Directors resolved to launch two new stock option plans 2026A and 2026B for key employees. The stock options are intended to form part of the Group’s incentive and commitment program for the key employees. The maximum number of stock options to be issued is 250,000 under stock option plan 2026A and 200,000 under stock option plan 2026B, totalling a maximum of 450,000 stock options. The stock options entitle their holders to subscribe for a maximum total of 450,000 Relais Group shares, corresponding to approximately 2.41 per cent of all shares and votes in the company after the potential share subscriptions. The stock options are issued gratuitously. The subscription price for shares subscribed with the stock options is EUR 16.15 per share. The share subscription period for stock options 2026A and 2026B is from 1 April 2029 to 31 March 2030. The Board of Directors resolved on the new stock option plans by virtue of an authorisation granted by the Annual General Meeting on 14 April 2026. The target group of the stock option plans
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JANUARY–SEPTEMBER 2026 Q3 26 MAJOR RISKS AND FACTORS OF UNCERTAINTY The risk factors of greatest importance for the Group are unchanged from the 2025 Annual Report and they are the state of the overall economy and market, structural changes in the markets, availability and favorable valuation of suitable acquisition targets, customer and supplier dependence, the competitive situation, ability to effectively manage working capital, cyber security risks as well as geopolitical uncertainty close to the main markets. Relais Group is exposed to various risks and factors of uncertainty. Relais Group’s earnings, financial position and future development are affected by internal factors which are controlled by the Group itself, and by external factors, where opportunities to influence the course of events are limited. Relais Group performs an annual review of the risk environment and risks at the end of the financial year and reports on the risk factors of greatest importance and any material developments quarterly. The annual risk assessment and risk descriptions are presented in the 2025 Report of the Board of Directors. Relais Group’s risk management practices are described in the Corporate Governance Statement as well as on the company's website.
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JANUARY–SEPTEMBER 2026 Q3 27 EVENTS AFTER THE REVIEW PERIOD No material events have occurred after the end of the reporting period that materially affect the company's financial position or operations.
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JANUARY–SEPTEMBER 2026 Q3 28 FINANCIAL CALENDAR FOR 2027 Relais Group Plc will publish the following financial reports during 2027: • Financial Statements Review 2026, on Thursday, 18 February 2027 • Interim Report January-March 2027, on Wednesday, 5 May 2027 • Half-Year Financial Report January-June 2027, on Thursday, 19 August 2027 • Interim Report January-September 2027, on Thursday, 28 October 2027 The reports will be published at approximately 8:00 a.m. Finnish time on the above dates. INVITATION TO THE WEBCAST Relais Group’s CEO Christian Gebauer and Interim CFO Sebastian Seppänen will present the results to the media, investors and analysts at a webcast on Wednesday, 28 October 2026, at 14:00 EET. The webcast can be followed at https://relais.events.inderes. com/q3-2026. Presentation material and video will be available on the company’s website at www.relais.fi/en after the event. COMPARABILITY OF FINANCIAL INFORMATION Relais Group Plc’s group company Strands Group AB acquired on 5 January 70% of the shares in QPax AB, Relais Group Plc’s group company Team Verkstad Sverige AB acquired on 2 February Landströms Bygg & Plåt i Gällivare AB, Relais Group Plc's group company AutoMateriell AS acquired on 16 April 2026 Service-Ekspressen AS and Relais Group Plc acquired on 28 July 70% of the shares in tershine AB. The 2026 reference data in this interim report does not include the figures for these companies for the period preceding the commencement of their consolidation in 2026. Relais Group Plc acquired on 10 June 2025 Team Verkstad Holding AS, Relais Group’s subsidiary Strands Group AB acquired on 2 July 2025 70% of the shares in Matro Group, Relais Group Plc’s group company AB Reservdelar acquired on 1 July 2025 Autodelar Sweden AB, Relais Group’s subsidiary Raskone Oy acquired on 1 October 2025 two heavy commercial vehicle workshops from Wetteri Oy and Relais Group Plc’s group company Team Verkstad AB acquired on 30 October 2025 TJ Fordonsservice AB. The 2025 reference data in this interim report does not include the figures for these companies acquired for the period preceding the commencement of their consolidation in 2025. Relais Group Plc Board of Directors FURTHER INFORMATION: Christian Gebauer, President and CEO Email: christian.gebauer@relais.fi Telephone: +358 10 5085 800 DISTRIBUTION: Nasdaq Helsinki Key Media www.relais.fi RELAIS GROUP Relais Group is a serial acquirer focused on the vehicle aftermarket in Europe. The Group creates value by identifying, acquiring and developing leading businesses with strong cash flows, clear niche positions and long- term growth potential. Our net sales in 2025 were EUR 383.4 (2024: 322.6) million. In 2025 we made eight acquisitions. We employ approximately 1,700 professionals in eight different countries. The Relais Group share is listed on the Main Market of Nasdaq Helsinki with the stock symbol RELAIS. www.relais.fi
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JANUARY–SEPTEMBER 2026 Q3 29 RELAIS GROUP PLC Interim report January-September 2026 (unaudited) TABLES AND NOTES CONTENTS Consolidated statement of income ...........................................................................................30 Consolidated statement of comprehensive income ...............................................................31 Consolidated statement of financial position .........................................................................32 Consolidated statement of cash flows ..................................................................................... 33 Consolidated statement of changes in equity ........................................................................ 34 NOTES 1. Basis of preparation ................................................................................................................. 37 2. Seasonality ................................................................................................................................ 37 3. Alternative performance measures ...................................................................................... 37 4. Key figures ................................................................................................................................ 38 5. Quarterly figures ......................................................................................................................39 6. Segment information ..............................................................................................................40 7. Net sales by geographical area .............................................................................................. 42 8. Financial income and expenses ............................................................................................. 43 9. Earnings per share and dividend ........................................................................................... 44 10. Intangible assets and goodwill, tangible assets and right-of-use assets ......................45 11. Financial assets and liabilities ...............................................................................................47 12. Collaterals, guarantees, contingent liabilities and other commitments ........................51 13. Business combinations ..........................................................................................................52 14. Events after the review period .............................................................................................54 15. Adoption of IFRS 18.................................................................................................................55 Definitions of key figures ............................................................................................................56 Reconciliation of alternative performance measures ............................................................ 57
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JANUARY–SEPTEMBER 2026 Q3 30 CONSOLIDATED STATEMENT OF INCOME (EUR 1,000) Notes 7–9 / 2026 % 7–9 / 2025 % 1–9/ 2026 % 1–9/ 2025 % 1–12/ 2025 % Net sales 7 111,462 101,065 340,943 266,762 383,394 Other operating income 624 582 2,041 1,621 3,365 Materials and services -55,916 -52,100 -167,982 -135,980 -196,606 Employee benefit expenses -27,144 -23,846 -86,395 -63,917 -92,582 Depreciation, amortisation and impairment losses -8,661 -7,308 -26,269 -17,672 -25,600 Other operating expenses -12,733 -11,309 -40,766 -29,319 -42,438 Operating profit 7,630 6.8 7,084 7.0 21,572 6.3 21,495 8.1 29,534 7.7 Financial income 8 2,684 1,245 6,737 7,296 10,309 Financial expenses 8 -4,850 -3,936 -14,646 -14,996 -20,226 Net financial expenses -2,166 -2,691 -7,909 -7,700 -9,918 Profit before income taxes 5,464 4.9 4,394 4.3 13,663 4.0 13,795 5.2 19,616 5.1 Income taxes -2,313 -967 -4,127 -3,035 -3,913 Profit for the period 3,152 2.8 3,427 3.4 9,536 2.8 10,760 4.0 15,704 4.1 Profit for the period attributable to Owners of the parent company 2,891 3,320 8,807 10,653 15,475 Non-controlling interest 261 107 729 107 228 Earnings per share Basic earnings per share, euro 0.11 0.18 0.35 0.59 0.81 Diluted earnings per share, euro 0.11 0.18 0.34 0.57 0.78
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JANUARY–SEPTEMBER 2026 Q3 31 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000) Notes 7–9 / 2026 % 7–9 / 2025 % 1–9/ 2026 % 1–9/ 2025 % 1–12/ 2025 % Profit for the period 3,152 2.8 3,427 3.4 9,536 2.8 10,760 4.0 15,704 4.1 Other comprehensive income Items that may be subsequently reclassified to profit or loss Foreign currency translation difference -1,232 109 -1,954 1,960 3,048 Total other comprehensive income for the period -1,232 109 -1,954 1,960 3,048 Total comprehensive income for the period 1,919 3,536 7,583 12,720 18,752 Total comprehensive income attributable to Owners of the parent company 1,853 3,429 7,298 12,613 18,523 Non-controlling interests 66 107 285 107 228
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JANUARY–SEPTEMBER 2026 Q3 (EUR 1,000) Notes 30 Sep, 2026 30 Sep, 2025 31 Dec, 2025 EQUITY Share capital 80 80 80 Reserve for invested unrestricted equity 78,502 74,258 74,336 Translation differences -6,536 -6,114 -5,026 Retained earnings 36,484 50,947 52,082 Equity attributable to owners of the parent 108,530 119,171 121,473 Hybrid bond 50,000 50,000 50,000 Non-controlling interests 17,584 8,894 9,152 Total equity 176,114 178,065 180,625 LIABILITIES Non-current liabilities Loans from financial institutions 11 114,147 115,286 113,171 Lease liabilities 11 95,885 76,920 85,894 Other non-current financial liabilities 11 29,286 12,158 12,749 Other non-current liabilities 103 381 13 Deferred tax liabilities 9,726 5,923 6,259 Total non-current liabilities 249,147 210,667 218,086 Current liabilities Loans from financial institutions 11 14,422 13,724 13,685 Lease liabilities 11 18,622 19,879 17,972 Other current financial liabilities 11 1,117 2,075 634 Current tax liabilities 1,172 -407 20 Trade and other payables 11 69,049 63,970 61,941 Total current liabilities 104,382 99,239 94,252 Total liabilities 353,528 309,906 312,338 Total equity and liabilities 529,643 487,970 492,963 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000) Notes 30 Sep, 2026 30 Sep, 2025 31 Dec, 2025 ASSETS Non-current assets Intangible assets 10 39,554 31,861 34,182 Goodwill 10 169,056 142,457 155,013 Tangible assets 10 13,030 10,486 11,382 Right-of-use assets 10 109,431 93,546 100,216 Deferred tax assets 1,412 189 288 Other non-current financial assets 825 634 663 Other non-current assets 69 149 144 Total non-current assets 333,377 279,323 301,888 Current assets Inventories 107,043 107,280 102,184 Current tax receivables 5,851 455 1,934 Other current financial asset 1,044 - - Trade and other receivables 11 66,572 62,479 52,798 Cash at bank and in hand 11 15,756 38,434 34,159 Total current assets 196,266 208,648 191,075 Total assets 529,643 487,970 492,963
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JANUARY–SEPTEMBER 2026 Q3 (EUR 1,000) Notes 7–9 /2026 7–9 /2025 1–9/2026 1–9/2025 1–12/2025 Cash flow from investing activities Acquisition of intangible and tangible assets -1,367 -1,567 -5,489 -4,002 -5,216 Proceeds from sale of tangible and intangible assets 42 37 1,057 252 321 Acquisition of subsidiaries, net of cash acquired -13,008 -13,951 -17,492 -33,313 -48,597 Other financial assets 10 -76 -171 -102 -127 Net cash used in investing activities (B) -14,322 -15,556 -22,095 -37,165 -53,620 Cash flow from financing activities Proceeds from current loans and borrowings - 2,352 182 8,601 8,601 Repayment of current loans and borrowings -54 -14,233 -565 -14,233 -15,248 Proceeds from non-current loans and borrowings 6,917 14,100 6,917 160,799 160,799 Repayment of non-current loans and borrowings - -20,613 -2,850 -131,683 -135,102 Dividends paid - - -2,775 -5,418 -9,105 Proceeds of hybrid bond - 50,000 - 50,000 50,000 Transaction costs of hybrid bond - -575 - -575 -575 Proceeds from share subscriptions and redemption of own shares - 885 -197 885 885 Interest of hybrid bond -3,938 - -3,938 - - Repayment of lease liabilities -4,781 -4,308 -15,376 -11,499 -16,060 Net cash flow from financing activities (C) -1,856 27,609 -18,602 56,876 44,194 Net cash flow from (used in) operating, investing and financing activities (A+B+C) -11,345 18,699 -18,701 28,798 24,523 Net increase (decrease) in cash and cash equivalents -11,345 18,699 -18,701 28,798 24,523 Cash and cash equivalents, at the beginning of the period 26,979 19,709 34,159 9,636 9,636 Effects of exchange rate fluctuations on cash held 123 26 298 - - Cash and cash equivalents, at the end of the period 15,756 38,434 15,756 38,434 34,159 CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000) Notes 7–9 /2026 7–9 /2025 1–9/2026 1–9/2025 1–12/2025 Cash flow from operating activities Profit for the period 3,152 3,427 9,536 10,760 15,704 Adjustments: Depreciation, amortisation and impairment losses 8,661 7,308 26,269 17,672 25,600 Financial income and expenses 8 3,610 3,221 11,704 6,230 8,815 Unrealised foreign exchange gains and losses -1,440 -516 -3,789 1,458 1,093 Income tax expense 2,313 967 4,127 3,035 3,913 Other adjustments 200 631 908 1,106 -728 Cash flow before change in net working capital 16,496 15,037 48,755 40,261 54,397 Change in net working capital: Change in inventories (increase (-) / decrease (+)) 1,025 -1,889 -2,899 -5,584 652 Change in trade and other receivables (increase (-) / decrease (+)) -6,323 2,127 -11,302 2,597 7,216 Change in trade and other payables (increase (+) / decrease (-)) -131 -4,120 6,151 -10,971 -7,615 Cash flow before finance items 11,067 11,156 40,704 26,304 54,650 Interest paid -2,663 -2,025 -8,489 -5,973 -9,371 Interest received 65 15 174 164 207 Other financial items -159 -228 -2,571 -3,412 -1,806 Dividends received 36 - 100 - 33 Income taxes paid -3,512 -2,272 -7,922 -7,996 -9,763 Net cash flow from operating activities (A) 4,833 6,647 21,996 9,087 33,949
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JANUARY–SEPTEMBER 2026 Q3 34 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to owners of the parent (EUR 1,000) Notes Share capital Reserve for invested unrestricted equity Translation differences Retained earnings Total Hybrid bond Non-controlling interest Total equity Equity 1 January 2026 80 74,337 -5,026 52,082 121,473 50,000 9,152 180,625 Profit for the period - - - 8,807 8,807 - 729 9,536 Other comprehensive income - - -1,510 - -1,510 - -444 -1,954 Total comprehensive income for the period - - -1,510 8,807 7,298 - 285 7,583 Directed share issue in connection with acquisitions - 3,742 - - 3,742 - - 3,742 Share-based payments - 479 - - 479 - - 479 Repurchase and share subscription using option rights - -56 - - -56 - - -56 Interest on hybrid bond - - - -3,938 -3,938 - - -3,938 Synthetic forward option related to acquisitions - - - -14,919 -14,919 - - -14,919 Non-controlling interest on acquisition of subsidiary - - - - - - 8,148 8,148 Dividend distribution - - - -5,549 -5,549 - - -5,549 Equity 30 September 2026 80 78,502 -6,536 36,484 108,530 50,000 17,584 176,114
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JANUARY–SEPTEMBER 2026 Q3 35 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to owners of the parent (EUR 1,000) Notes Share capital Reserve for invested unrestricted equity Translation differences Retained earnings Total Hybrid bond Non-controlling interest Total equity Equity 1 January 2025 80 73,265 -8,074 52,313 117,584 - - 117,584 Profit for the period - - - 10,653 10,653 - 107 10,760 Other comprehensive income - - 1,960 - 1,960 - - 1,960 Total comprehensive income for the period - - 1,960 10,653 12,613 - 107 12,720 Share-based payments - 109 - - 109 - - 109 Shares subscribed by using option rights - 885 - - 885 - - 885 Issuance of hybrid bond - - - -575 -575 50,000 - 49,425 Synthetic forward option related to the Matro acquisition - - - -6,026 -6,026 - - -6,026 Non-controlling interest on acquisition of subsidiary - - - - - - 8,787 8,787 Dividend distribution - - - -5,418 -5,418 - - -5,418 Equity 30 September 2025 80 74,259 -6,114 50,947 119,171 50,000 8,894 178,065
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JANUARY–SEPTEMBER 2026 Q3 36 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to owners of the parent (EUR 1,000) Notes Share capital Reserve for invested unrestricted equity Translation differences Retained earnings Total Hybrid bond Non-controlling interest Total equity Equity 1 January 2025 80 73,265 -8,074 52,313 117,584 - - 117,584 Profit for the period - - - 15,475 15,475 - 228 15,704 Other comprehensive income - - 3,048 - 3,048 - - 3,048 Total comprehensive income for the period - - 3,048 15,475 18,523 - 228 18,752 Adjustment to previous period - - - - - - - - Share-based payments - 187 - - 187 - - 187 Shares subscribed by using option rights - 885 - - 885 - - 885 Issuance of hybrid bond - - - -575 -575 50,000 - 49,425 Synthetic forward option related to the Matro acquisition - - - -6,026 -6,026 - - -6,026 Non-controlling interest on acquisition of subsidiary - - - - - - 8,923 8,923 Dividend distribution - - - -9,105 -9,105 - - -9,105 Equity 31 December 2025 80 74,337 -5,026 52,082 121,473 50,000 9,152 180,625
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JANUARY–SEPTEMBER 2026 Q3 37 Notes 1. BASIS OF PREPARATION This unaudited interim financial report has been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 December 2025 which have been prepared in accordance with IFRS. This interim financial report does not include all information required for a complete set of financial statements prepared in accordance with IFRS. Selected explanatory notes are therefore included to explain events and transactions that are significant to understand the changes in the Group’s financial position and performance since the last annual financial statements. The accounting policies applied are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025. All figures have been rounded to the nearest figure; therefore the sum of reported figures may not exactly match those presented. Relais Group has changed its financial reporting structure effective from 1 January 2026. Under the new structure, Relais reports financial information for three reportable segments: the Commercial Vehicle Services business area, the Products and Solutions business area, and the Technical Wholesale business area. Previously, the reportable segments consisted of the geographical segments Finland and Baltics, and Scandinavia. In addition to the reportable segments, financial information for the item “Centralized Functions and Other” is presented separately. The reported figures for this item mainly comprise the parent company operations and other small-scale activities whose nature of operations and financial characteristics differ from those of the reportable segments. Comparative information for the financial year 2025 has been restated accordingly. 2. SEASONALITY The seasonality of the group’s business has an impact on the demand for Relais’ services, which in turn affects its net sales, net operating profit, and cash flows. Variation in seasonal temperatures, such as warm summers and very cold winters, can have an effect on the demand for batteries, starter motors, and chargers as well as the need for vehicle air conditioning and heating. Furthermore, the demand for certain lighting products, such as auxiliary lights, typically grows in the fall and winter months. The number of sales days also impacts sales and causes variation between reporting periods. Following the acquisitions completed in 2025, the business area Commercial Vehicle Services represents a larger share of the Group. This increases seasonality between quarters, particularly in Q2, where the number of working days is lower. Due to seasonal changes, Relais typically produces greater net sales in the second half of the year. 3. ALTERNATIVE PERFORMANCE MEASURES Relais Group presents certain financial performance measures on a non-IFRS basis as alternative performance measures (APMs). Relais Group considers that these alternative performance measures provide useful and relevant supplemental infor- mation to the management and investors on Relais Group’s financial performance. Certain APMs exclude certain non-oper- ational or non-cash valuation items affecting comparability (IACs) and are provided to reflect the underlying business performance and to enhance comparability between reporting periods. Transaction costs and certain additional purchase price items of company and business acquisitions, as well as possible other non-recurring income or expenses and the tax impact of the aforementioned items are eliminated as IACs. These items related to the implementation of the company’s strategy can be significant and vary considerably between reporting periods. The APMs should not be considered as a substitute for performance measures in accordance with IFRS. Definitions of key IFRS indicators and APMs are available on p. 56. Reconciliations are available on p. 57.
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JANUARY–SEPTEMBER 2026 Q3 (EUR 1,000) 7–9/2026 7–9/2025 Change 1–9/2026 1–9/2025 Change 1–12/2025 Net sales 111,462 101,065 +10% 340,943 266,762 +28% 383,394 Gross profit 55,546 48,965 +13% 172,961 130,782 +32% 186,789 Gross margin 49.8% 48.4% 50.7% 49.0% 48.7% EBITDA 16,292 14,392 +13% 47,841 39,167 +22% 55,134 EBITDA margin 14.6% 14.2% 14.0% 14.7% 14.4% Adjusted EBITDA 1) 2) 17,964 16,474 +9% 51,572 41,847 +23% 58,628 Adjusted EBITDA margin 1) 2) 16.1% 16.3% 15.1% 15.7% 15.3% EBITA 9,839 8,832 +11% 27,785 24,983 +11% 34,922 EBITA margin 8.8% 8.7% 8.1% 9.4% 9.1% Adjusted EBITA 1) 2) 11,512 10,914 +5% 32,385 27,663 +17% 38,416 Adjusted EBITA margin 1) 2) 10.3% 10.8% 9.5% 10.4% 10.0% Operating profit 7,630 7,084 +8% 21,572 21,495 0% 29,534 Profit after financial items 5,464 4,394 +24% 13,663 13,795 -1% 19,616 Profit for the period 3,152 3,427 -8% 9,536 10,760 -11% 15,704 Earnings per share, basic 0.11 0.18 -38% 0.35 0.59 -40% 0.81 Cash flow from operations 4,833 6,647 21,996 9,087 33,949 Net working capital 108,256 105,032 +3% 94,742 Net working capital turnover 2) 3) 4.6 4.2 4.2 Net debt 255,561 199,986 +28% 209,614 Net Debt to EBITDA, LTM 4.01 3.74 +7% 3.80 Net debt, non-IFRS 2) 3) 191,054 153,188 +25% 155,748 Net Debt to EBITDA, LTM (non-IFRS) 2) 3) 5.02 4.33 +16% 4.42 Equity ratio 33.3% 36.5% 36.7% Return on net working capital 2) 3) 43.1% 44.5% 41.5% Return on equity 7.1% 9.7% 10.5% Return on capital employed 2) 3) 10.6% 12.2% 11.1% Employees, end of period 1,727 1,658 +4% 1,727 1,658 +4% 1,687 Employees, average 1,720 1,661 +4% 1,706 1,441 +18% 1,501 4. KEY FIGURES The change percentages in the tables have been calculated on exact figures before the amounts were rounded to millions of euros. 1) Excluding IACs and purchase price allocation adjustments and amortisations (PPAs) as applicable 2) Alternative Performance Measure (“APM”) 3) The calculation formula of this key figure has been changed starting from the Q1 2026 interim report. The comparison period key figure has been restated accordingly
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JANUARY–SEPTEMBER 2026 Q3 39 5. QUARTERLY FIGURES (EUR 1,000 unless stated otherwise) Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 Net sales 111,462 110,477 119,004 116,632 101,065 82,899 82,798 Gross profit 55,546 56,130 61,285 56,007 48,965 40,724 41,094 Gross margin 49.8% 50.8% 51.5% 48.0% 48.4% 49.1% 49.6% EBITA 9,839 6,168 11,777 9,940 8,832 7,198 8,953 EBITA margin 8.8% 5.6% 9.9% 8.5% 8.7% 8.7% 10.8% Adjusted EBITA 1) 2) 11,512 8,042 12,831 10,753 10,914 7,566 9,182 Adjusted EBITA margin 1) 2) 10.3% 7.3% 10.8% 9.2% 10.8% 9.1% 11.1% Operating profit 7,630 4,150 9,791 8,039 7,084 6,264 8,147 Profit after financial items 5,464 -490 8,689 5,822 4,394 1,899 7,502 Profit for the period 3,152 -566 6,951 4,944 3,427 1,476 5,857 Earnings per share (basic) 0.11 -0.09 0.32 0.22 0.18 0.08 0.32 Items impacting comparability 1,673 1,874 1,054 814 2,082 369 230 1) Excluding IACs and purchase price allocation adjustments and amortisations (PPAs) as applicable 2) Alternative Performance Measure (“APM”)
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JANUARY–SEPTEMBER 2026 Q3 40 6. SEGMENT INFORMATION Net sales (EUR 1,000) 1–9/2026 1–6/2026 1–3/2026 1–12/2025 1–9/2025 1–6/2025 1–3/2025 Commercial Vehicle Services 142,535 96,934 50,712 148,733 102,073 60,773 29,106 Technical Wholesale 167,318 113,032 58,554 204,619 144,248 93,338 47,276 Products and Solutions 38,987 24,832 12,653 36,817 24,558 13,186 7,451 Centralized functions and other 3,099 2,284 1,262 3,368 2,171 1,198 525 Eliminations -10,997 -7,601 -4,177 -10,143 -6,287 -2,798 -1,560 Group total 340,943 229,481 119,004 383,394 266,762 165,697 82,798 Net sales (EUR 1,000) 7–9/2026 4–6/2026 1–3/2026 10-12/2025 7-9/2025 4-6/2025 1-3/2025 Commercial Vehicle Services 45,600 46,222 50,712 46,661 41,299 31,667 29,106 Technical Wholesale 54,286 54,478 58,554 60,372 50,909 46,062 47,276 Products and Solutions 14,155 12,179 12,653 12,259 11,372 5,735 7,451 Centralized functions and other 815 1,022 1,262 1,197 974 672 525 Eliminations -3,396 -3,424 -4,177 -3,856 -3,489 -1,238 -1,560 Group total 111,462 110,477 119,004 116,632 101,065 82,899 82,798 Adjusted EBITA (EUR 1,000) 1–9/2026 1–6/2026 1–3/2026 1–12/2025 1–9/2025 1–6/2025 1–3/2025 Commercial Vehicle Services 12,461 7,497 4,565 11,504 8,989 4,969 2,403 Technical Wholesale 14,851 10,155 6,306 22,187 15,258 9,926 5,299 Products and Solutions 8,705 5,612 3,056 8,512 5,770 3,411 2,152 Centralized functions and other -3,613 -2,385 -1,157 -3,794 -2,347 -1,561 -671 Eliminations -18 -6 62 6 -7 4 0 Group total 32,385 20,873 12,831 38,416 27,663 16,749 9,182
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JANUARY–SEPTEMBER 2026 Q3 41 Adjusted EBITA (EUR 1,000) 7–9/2026 4–6/2026 1–3/2026 10-12/2025 7-9/2025 4-6/2025 1-3/2025 Commercial Vehicle Services 4,964 2,932 4,565 2,515 4,020 2,566 2,403 Technical Wholesale 4,696 3,849 6,306 6,930 5,331 4,628 5,299 Products and Solutions 3,093 2,556 3,056 2,742 2,359 1,259 2,152 Centralized functions and other -1,228 -1,228 -1,157 -1,447 -786 -890 -671 Eliminations -12 -67 62 13 -11 4 0 Group total 11,512 8,042 12,831 10,753 10,914 7,566 9,182 Adjusted EBITA margin % (%) 1–9/2026 1–6/2026 1–3/2026 1–12/2025 1–9/2025 1–6/2025 1–3/2025 Commercial Vehicle Services 8.7% 7.7% 9.0% 7.7% 8.8% 8.2% 8.3% Technical Wholesale 8.9% 9.0% 10.8% 10.8% 10.6% 10.6% 11.2% Products and Solutions 22.3% 22.6% 24.2% 23.1% 23.5% 25.9% 28.9% Centralized functions and other -116.6% -104.4% -91.7% -112.6% -108.1% -130.4% -127.7% Eliminations 0.2% 0.1% -1.5% -0.1% 0.1% -0.1% 0.0% Group total 9.5% 9.1% 10.8% 10.0% 10.4% 10.1% 11.1% Adjusted EBITA margin % (%) 7–9/2026 4–6/2026 1–3/2026 10-12/2025 7-9/2025 4-6/2025 1-3/2025 Commercial Vehicle Services 10.9% 6.3% 9.0% 5.4% 9.7% 8.1% 8.3% Technical Wholesale 8.7% 7.1% 10.8% 11.5% 10.5% 10.0% 11.2% Products and Solutions 21.8% 21.0% 24.2% 22.4% 20.7% 21.9% 28.9% Centralized functions and other -150.6% -120.2% -91.7% -120.9% -80.7% -132.4% -127.7% Eliminations 0.4% 2.0% -1.5% -0.3% 0.3% -0.3% 0.0% Group total 10.3% 7.3% 10.8% 9.2% 10.8% 9.1% 11.1% Centralized functions and other includes predominantly the parent company operations as well as other small-scale functions whose characteristics and financial profiles differ from those of the reporting segments. Eliminations includes internal eliminations.
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JANUARY–SEPTEMBER 2026 Q3 42 7. NET SALES BY GEOGRAPHICAL AREA Consolidated net sales is disaggregated by geographical market in the tables below. Markets are based on the geographic location of customers. (EUR 1,000) 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Finland 34,527 32,833 103,324 94,191 133,999 Sweden 36,668 32,447 113,083 98,595 136,579 Estonia 1,243 1,098 4,117 4,005 5,424 Norway 26,332 23,387 80,125 42,523 67,312 Other countries 12,691 11,299 40,294 27,447 40,080 Total 111,462 101,065 340,943 266,762 383,394
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JANUARY–SEPTEMBER 2026 Q3 43 8. FINANCIAL INCOME AND EXPENSES (EUR 1,000) 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Financial income Foreign exchange gains/losses 1,723 1,230 5,414 7,131 10,067 Interest income 65 15 174 164 207 Other financial income 37 0 106 1 34 Changes in fair values 858 - 1,044 - - Financial income total 2,684 1,245 6,737 7,296 10,309 Financial expenses Foreign exchange gains/losses -1,020 -535 -4,914 -7,105 -9,448 Interest expenses on loans -1,992 -1,737 -4,869 -4,306 -5,682 Interest expenses on leases -1,623 -1,241 -4,551 -2,584 -3,858 Other financial expenses -214 -180 -325 -758 -1,224 Changes in fair values - -243 13 -243 -13 Financial expenses total -4,850 -3,936 -14,646 -14,996 -20,226 Net financial expenses -2,166 -2,691 -7,909 -7,700 -9,918 In July-September 2026 net financial items were EUR -2.2 (-2.7) million, of which interest expenses on loans net of the change in fair value of floating to fixed interest swaps were EUR -1.1 (-2.0) million and interest expenses on lease liabilities were EUR -1.6 (-1.2) million. The increase in interest on lease liabilities was attributable to increased lease liabilities mostly due to the acquisitions and Raskone's new flagship workshop. Exchange rate differences included in net financial items were EUR 0.7 (0.7) million, of which EUR 1.4 (0.5) million were unrealized. In January-September 2026 net financial items were EUR -7.9 (-7.7) million, of which interest expenses on loans net of the change in fair value of floating to fixed interest swaps were EUR -3.8 (-4.5) million and interest expenses on lease liabilities were EUR -4.6 (-2.6) million. The increase in interest on lease liabilities was attributable to significantly increased lease liabilities mostly due to the acquisitions and Raskone's new flagship workshop. Exchange rate differences included in net financial items were EUR 0.5 (0.0) million, of which EUR 3.8 (-1.5) million were unrealized.
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JANUARY–SEPTEMBER 2026 Q3 44 9. EARNINGS PER SHARE AND DIVIDEND (EUR) 7-9/2026 7-9/2025 1–9/2026 1–9/2025 1–12/2025 Earnings per share, basic 0.11 0.18 0.35 0.59 0.81 Earnings per share, diluted 0.11 0.18 0.34 0.57 0.78 Adjusted earnings per share, basic 0.20 0.30 0.60 0.74 1.00 Adjusted earnings per share excluding amortization of acquisitions, basic 0.32 0.39 0.94 0.93 1.29 Adjusted earnings per share, diluted 0.20 0.29 0.59 0.71 0.96 Adjusted earnings per share excluding amortization of acquisitions, diluted 0.31 0.38 0.92 0.90 1.25 Dividend paid, per share - - 0.15 0.30 0.50 Dividend paid, EUR thousand - - 2,775 5,418 9,105 7-9/2026 7-9/2025 1–9/2026 1–9/2025 1–12/2025 Number of outstanding shares at the end of the period 18,695,972 18,435,523 18,695,972 18,435,523 18,435,523 Weighted average number of shares, basic 18,643,620 18,142,045 18,507,692 18,087,895 18,175,277 Weighted average number of shares, diluted 19,051,594 18,815,148 18,919,760 18,780,172 18,805,344
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JANUARY–SEPTEMBER 2026 Q3 45 10. INTANGIBLE ASSETS AND GOODWILL, TANGIBLE ASSETS AND RIGHT-OF-USE ASSETS Intangible assets (EUR 1,000) 30 Sep, 2026 30 Sep, 2025 31 Dec, 2025 Acquisition cost, opening balance 57,868 29,445 29,445 Additions 1,027 1,318 1,206 Business combinations 11,778 22,287 26,722 Exchange differences -211 429 635 Disposals -37 -111 -139 Impairments -871 - - Reclassifications - - Acquisition cost, closing balance 69,554 53,368 57,868 Accumulated depreciation and impairment, opening balance -23,686 -17,421 -17,421 Business combinations - - - Disposals 19 - 21 Reclassifications - - - Depreciation -6,657 -3,819 -5,842 Exchange differences 324 -267 -444 Accumulated depreciation and impairment, closing balance -30,000 -21,507 -23,686 Carrying amount, opening balance 34,182 12,024 12,024 Carrying amount, closing balance 39,554 31,861 34,182 Goodwill (EUR 1,000) 30 Sep, 2026 30 Sep, 2025 31 Dec, 2025 Acquisition cost, opening balance 155,013 120,126 120,126 Additions - - Business combinations 17,856 19,324 30,107 Exchange differences -3,813 3,007 4,813 Disposals - - -33 Reclassifications - - - Acquisition cost, closing balance 169,056 142,457 155,013 Accumulated depreciation and impairment, opening balance - - - Business combinations - - - Disposals - - - Reclassifications - - - Depreciation - - - Exchange differences - - - Accumulated depreciation and impairment, closing balance - - - Carrying amount, opening balance 155,013 120,126 120,126 Carrying amount, closing balance 169,056 142,457 155,013
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JANUARY–SEPTEMBER 2026 Q3 46 Tangible assets (EUR 1,000) 30 Sep, 2026 30 Sep, 2025 31 Dec, 2025 Acquisition cost, opening balance 30,894 22,084 22,084 Additions 4,530 2,669 4,208 Business combinations 600 3,847 4,262 Exchange differences -344 426 686 Disposals -769 -81 -347 Reclassifications - - - Acquisition cost, closing balance 34,912 28,945 30,894 Accumulated depreciation and impairment, opening balance -19,513 -16,452 -16,452 Business combinations -227 -15 -132 Disposals 289 6 236 Reclassifications - - - Depreciation -2,793 -1,696 -2,672 Exchange differences 362 -302 -492 Accumulated depreciation and impairment, closing balance -21,881 -18,459 -19,513 Carrying amount, opening balance 11,382 5,632 5,632 Carrying amount, closing balance 13,030 10,486 11,382 Right-of-use assets (EUR 1,000) 30 Sep, 2026 30 Sep, 2025 31 Dec, 2025 Acquisition cost, opening balance 165,519 103,556 103,556 Additions 15,603 5,560 12,069 Business combinations 1,372 36,552 36,514 Exchange differences 1,719 1,269 1,863 Disposals -1,187 -236 -337 Revaluations 6,569 6,883 11,854 Acquisition cost, closing balance 189,595 153,584 165,519 Accumulated depreciation and impairment, opening balance -65,303 -47,505 -47,505 Disposals 349 218 275 Depreciation -15,948 -12,156 -17,054 Exchange differences 738 -595 -1,019 Accumulated depreciation and impairment, closing balance -80,164 -60,038 -65,303 Carrying amount, opening balance 100,216 56,051 56,051 Carrying amount, closing balance 109,431 93,546 100,216 The most significant additions, including additions through business combinations, in the review period and comparison period are related to premises. Revaluations in rents include additions to right-of-use assets and lease liabilities due to rent increases and due to changes in lease terms in lease agreements for existing premises.
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JANUARY–SEPTEMBER 2026 Q3 11. FINANCIAL ASSETS AND LIABILITIES 30 Sep, 2026 Carrying amount (EUR 1,000) Amortized cost FVTPL* Total Fair Value Fair value category Financial assets Current Derivative instruments 1,044 1,044 1,044 Level 2 Investments 613 - 613 613 Level 3 Capitalisation contracts 274 - 274 274 Level 3 Trade receivables 54,731 - 54,731 54,731 Level 3 Cash and cash equivalents 15,756 - 15,756 15,756 Total current financial assets 71,374 1,044 72,418 72,418 Financial liabilities Non-current Loans from financial institutions 114,147 - 114,147 114,147 Level 3 Lease liabilities 95,885 - 95,885 95,885 Level 3 Synthetic option 22,711 - 22,711 22,711 Level 3 Other non-current interest-bearing liabilities 6,267 - 6,267 6,267 Level 3 Contingent considerations 410 - 410 410 Level 3 Current Loans from financial institutions 14,422 - 14,422 14,422 Level 3 Lease liabilities 18,622 - 18,622 18,622 Level 3 Other current interest-bearing liabilities - - Level 3 Trade payables 30,176 - 30,176 30,176 Level 3 Other financial liabilities 1,117 - 1,117 1,117 Level 3 Total financial liabilities 303,758 - 303,758 303,758 30 Sep, 2025 Carrying amount (EUR 1,000) Amortized cost FVTPL* Total Fair Value Fair value category Financial assets Current Investments 701 - 701 701 Level 3 Trade receivables 51,956 - 51,956 51,956 Level 3 Cash and cash equivalents 38,434 - 38,434 38,434 Total current financial assets 91,091 - 91,091 91,091 Financial liabilities Non-current Derivative instruments - 243 243 243 Level 2 Loans from financial institutions 115,286 - 115,286 115,286 Level 3 Lease liabilities 76,920 - 76,920 76,920 Level 3 Other non-current interest-bearing liabilities 12,158 - 12,158 12,158 Level 3 Other non-current liabilities 138 - 138 138 Level 3 Current Loans from financial institutions 13,724 - 13,724 13,724 Level 3 Lease liabilities 19,879 - 19,879 19,879 Level 3 Other current interest-bearing liabilities 455 - 455 455 Level 3 Trade payables 29,009 - 29,009 29,009 Level 3 Other financial liabilities 1,620 - 1,620 1,620 Level 3 Total financial liabilities 269,186 243 269,430 269,430
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JANUARY–SEPTEMBER 2026 Q3 48 31 Dec, 2025 Carrying amount (EUR 1,000) Amortized cost FVTPL* Total Fair Value Fair value category Financial assets Current Investments 650 - 650 650 Level 3 Capitalisation contracts - 150 150 150 Level 3 Trade receivables 43,283 - 43,283 43,283 Level 3 Cash and cash equivalents 34,159 - 34,159 34,159 Total current financial assets 78,093 150 78,243 78,243 Financial liabilities Non-current Derivative instruments - 13 13 13 Level 2 Loans from financial institutions 113,171 - 113,171 113,171 Level 3 Lease liabilities 85,894 - 85,894 85,894 Level 3 Synthetic options - 6,719 6,719 6,719 Level 3 Other non-current interest-bearing liabilities 5,600 - 5,600 5,600 Level 3 Contingent considerations - 430 430 430 Level 3 Current Loans from financial institutions 13,685 - 13,685 13,685 Level 3 Lease liabilities 17,972 - 17,972 17,972 Level 3 Other current interest-bearing liabilities 420 - 420 420 Level 3 Trade payables 27,934 - 27,934 27,934 Level 3 Other financial liabilities 214 - 214 214 Level 3 Total financial liabilities 264,890 7,162 272,052 272,052 * FVTPL Fair value through profit and loss statement
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JANUARY–SEPTEMBER 2026 Q3 49 On 30 September 2026, the Group’s interest-bearing liabilities excluding lease liabilities amounted to 156.8 (141.6) million. The net increase was mainly attributable to the increase in synthetic option following the acquisition of the majority of tershine AB, and draw down of the remaining uncommitted facility in the third quarter 2026. On 30 September 2026 Relais had a EUR 140 million long-term multi-currency (EUR and SEK) financing agreement with its main bank. The financing agreement that was signed on 28 March 2025 has an original maturity of three years, with two one-year extension options. During the third quarter of 2026, one of the extension options has been exercised. According to the original agreement the maximum financial exposure is EUR 140 million consisting of EUR 110 million multi-currency term loan, a revolving credit facility of EUR 10 million, and an uncommitted term loan facility of EUR 20 million. At the end of the review period EUR 0.0 million of the uncommitted facility and 0.0 million of the revolving credit facility were undrawn. The loans are floating rate loans currently linked to the EURIBOR 6 months and STIBOR 3 months reference rates. The margin for both denominations are 2.0%. The Group’s loans from financial institutions are subject to financial covenants which according to the financing agreement signed on 28 March 2025 are leverage and equity ratio based on International Financial Reporting Standards (IFRS) and are measured quarterly. Leverage is calculated by dividing net debt by proforma LTM EBITDA. When calculating equity ratio, consolidated equity is divided with total consolidated assets. Specific terms agreed in the SFA are taken into consideration when calculating leverage. Relais Group was in compliance with the covenants during the review period. As part of the Matro Group acquisition announced on 7 April 2025 and completed on 2 July 2025, Relais entered into a shareholder agreement that includes a synthetic forward option to acquire the remaining 30 per cent of shares in Matro Group. The option is divided into two components: one component relates to continued employment of the minority shareholder and is structured as a leaver call option. This portion of the option to be paid to the selling shareholders is determined as compensation for post- combination services and accounted for as employee expenses in accordance with IFRS based on the services received by Relais. Relais has recognized in the consolidated income statement for the period Jul-Sep 2026 EUR 0.3 million non-cash employee benefit expenses related to the accrual for post combination services. The other component is a synthetic forward option, consisting of symmetrical put and call rights, which entitles Relais to acquire the remaining shares at fair value. The present value of the synthetic forward option, amounting to EUR 7.8 million has been recognized as an interest-bearing liability in the consolidated balance sheet as at 30 September 2026 under other non- current liabilities with a corresponding charge recognized directly to retained earnings. The discounting of the liability results in a finance expense as the liability unwinds over time. Consequently, a non-cash finance expense of EUR 135 thousand has been recognized in the January-September 2026 consolidated income statement. The fair value of the option liability includes management judgement related to the estimated future profitability of the Matro group companies impacting the valuation of the shares and discount factor used for the calculation. A non-controlling interest has been recorded in the Relais Group consolidated financial statements to reflect the minority’s interest in Matro Group until the acquisition of the remaining shares in Matro Group. As part of the Qpax AB acquisition announced on 22 December 2025 and completed on 5 January 2026, Relais entered into a shareholder agreement that includes a synthetic forward option to acquire the remaining 30 per cent of shares in Qpax AB. The synthetic forward option, consisting of symmetrical put and call rights, which entitles Relais to acquire the remaining shares at fair value. The present value of the synthetic forward option, amounting to EUR 1.8 million has been recognized as an interest-bearing liability in the consolidated balance sheet as at 30 September 2026 under other non- current liabilities with a corresponding charge recognized directly to retained earnings. The discounting of the liability
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JANUARY–SEPTEMBER 2026 Q3 50 results in a finance expense as the liability unwinds over time. Consequently, a non- cash finance expense has been recognized in the January-September 2026 consolidated income statement. The fair value of the option liability includes management judgement related to the estimated future profitability of Qpax impacting the valuation of the shares and discount factor used for the calculation. A non-controlling interest has been recorded in the Relais Group consolidated financial statements to reflect the minority’s interest in Qpax AB until the acquisition of the remaining shares in Qpax. As part of the tershine AB acquisition announced on 28 July 2026, Relais entered into a shareholder agreement that includes a synthetic forward option to acquire the remaining 30 per cent of shares in tershine. The synthetic forward option, consisting of symmetrical put and call rights, which entitles Relais to acquire the remaining shares at fair value. The present value of the synthetic forward option, amounting to EUR 13.2 million has been recognized as an interest-bearing liability in the consolidated balance sheet as at 30 September 2026 under other non- current liabilities with a corresponding charge recognized directly to retained earnings. The discounting of the liability results in a finance expense as the liability unwinds over time. Consequently, a non-cash finance expense of EUR 65 thousand has been recognized in the August-September 2026 consolidated income statement. The fair value of the option liability includes management judgement related to the estimated future profitability of tershine impacting the valuation of the shares and discount factor used for the calculation. A non-controlling interest has been recorded in the Relais Group consolidated financial statements to reflect the minority’s interest in tershine until the acquisition of the remaining shares in tershine. The Group’s cash assets were EUR 15.8 (38.4) million at the end of the review period. The tables above show the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. The table excludes fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. The fair value of items which are measured at fair value are categorised in three levels: • Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities • Level 2: Fair value determined by observable parameters • Level 3: Fair value determined by non- observable parameters The Group has estimated that the fair value of its loans from financial institutions corresponds to their book value, because the loans have variable interest rates and according to the management’s assessment, the interest rate on the loans is close to the market rate on the reporting date. The increase in interest rates does not have a significant effect on the fair value of loans, but they directly increase interest expenses.
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JANUARY–SEPTEMBER 2026 Q3 51 12. COLLATERALS, GUARANTEES, CONTINGENT LIABILITIES AND OTHER COMMITMENTS (EUR 1,000) 30 Sep, 2026 30 Sep, 2025 31 Dec, 2025 Loans from financial institutions Financing loans 128,569 129,009 126,857 Revolving credit facility raised 10,000 10,000 10,000 Amount of revolving credit facility granted 10,000 10,000 10,000 Available limit - - - Book value of pledged subsidiary shares 105,222 105,222 105,222 Mortgage on company assets 213,209 6,629 213,209 Collateral for financial institution loans, total 318,431 111,851 318,431 Guarantees given on behalf of the companies belonging to the same group General guarantee 1,503 6,629 2,913 Other 84 86 88 Total 1,587 6,715 3,001 Other liabilities Rental securities 1,070 1,070 1,070 Other guarantees 249 252 251 Total 1,319 1,321 1,321
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JANUARY–SEPTEMBER 2026 Q3 52 13. BUSINESS COMBINATIONS On 22 December 2025, Relais Group notified that its Swedish group company Strands Group AB has agreed to acquire 70 percent of the shares in QPax AB from its founder entrepreneurs. The entrepreneurs will stay on as minority shareholders for two years after the closing of the acquisition. QPax has a long and rich history of designing and constructing lightweight aluminium bars for extra light mounts for light commercial vehicles. The company is located in Färila, Sweden. In the fiscal year 2024 QPax had net sales of approximately SEK 19.6 million and an operating profit of approximately SEK 2.7 million (audited, Swedish GAAP). The closing of the acquisition took place on 5 January 2026. QPax was consolidated into Relais Group from the beginning of January 2026 as part of the Products and Solutions segment. The agreed enterprise value of QPax is SEK 38.5 million, excluding IFRS 16 leasing liabilities. The purchase price for 70 percent of the equity in QPax was SEK 26 million. On 19 December 2025, Relais Group notified that its Swedish group company Team Verkstad AB has agreed to acquire 100 % of the shares in Landströms Bygg & Plåt i Gällivare AB (“LBP”). LBP is located in Gällivare, in the Malmfälten region in Northern Sweden, LBP provides damage repair services for trucks and other heavy commercial vehicles, and it employs 5 professionals. Through the acquisition, Team Verkstad strengthens its position in the strategically important Gällivare area. In the fiscal year that ended in August 2025 LBP had net sales of approximately SEK 19.1 million and an adjusted operating profit of approximately SEK 4.7 million (unaudited, Swedish GAAP). The closing of the acquisition took place on 2 February. LBP was consolidated into Relais Group from the beginning of February 2026 as part of the Commercial Vehicle Services segment. The agreed enterprise value of LBP is SEK 27.5 million. The purchase price for 100 percent of the equity in LBP was SEK 37.9 million. SEK 11 million were financed with Relais Group Plc shares. On 16 April 2026, Relais Group notified that it had agreed to acquire 100 percent of Service-Ekspressen AS (“SE”) from the entrepreneurs. The closing of the acquisition took place on the same day. SE was consolidated into Relais Group from the beginning of April 2026, as part of the Business Area Technical Wholesale. SE is part of the AutoMateriell workshop equipment business. SE is located near Bergen, in Western Norway, SE provides maintenance, calibration and spare part services for workshop equipment, and it employs 7 professionals. The company has a great financial track record of profitable growth. In fiscal year that ended in December 2025 SE had net sales of approximately NOK 28.6 million and an adjusted operating profit of approximately NOK 5.0 million (unaudited, Norwegian GAAP). Out of the total purchase price of NOK 24.6 million, NOK 9.9 million was settled in Relais Group shares. On 28 July 2026, Relais Group acquired 70 percent of tershine AB from its founder and entrepreneur. Tershine was consolidated into Relais Group from the beginning of August 2026 as part of the Products and Solutions business area. Historically, tershine has been able to grow with strong profitability. In the fiscal year 2025/2026 which ended in June 2026, tershine’s preliminary estimated net sales was SEK 155 million and operating profit of approximately SEK 29 million (unaudited, Swedish GAAP). Out of the purchase price, SEK 20.0 million was paid in Relais Group shares. As announced on 31 July 2026, 125,383 shares were transferred to the seller as payment. The subscription price was determined based on the volume-weighted average price of the Relais Group share for the 20 trading days preceding the last bank day before the closing date.
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JANUARY–SEPTEMBER 2026 Q3 53 (EUR 1,000) QPax AB Landströms Bygg & Plåt AB Service- Ekspressen AS tershine AB Total Acquisition date 5 Jan 2 Feb 16 Apr 28 Jul Share acquired 70% 100% 100% 70% Domicile Sweden Sweden Norway Sweden Consolidated from 1 Jan 1 Feb 1 Apr 1 Aug Revenue from acquisition date until end of September 2026 1,568 1,327 1,104 1,324 5,323 Profit/loss from acquisition date until end of September 2026 252 188 191 6 637 Goodwill deductible for tax purposes No No No No Consideration transferred Cash 2,505 2,523 1,354 13,876 20,258 Equity instruments - 1,031 903 1,811 3,745 Financial liabilities 905 905 Total consideration transferred 2,505 3,555 2,257 16,592 24,908 (EUR 1,000) QPax AB Landströms Bygg & Plåt AB Service- Ekspressen AS tershine AB Total Identified assets acquired and liabilities assumed Customer-related intangibles 1,579 964 778 7,586 10,907 Non-competition agreements 94 65 51 640 849 Tangible assets 7 53 185 127 373 Other non-current asset - - 1 9 10 Right-of-use assets 68 751 538 41 1,398 Inventories 219 48 399 1,790 2,456 Trade and other receivables 262 652 285 832 2,031 Current prepayment and accrued income 23 46 8 570 648 Cash and cash equivalents 399 512 916 1,665 3,492 Deferred tax liabilities -419 -214 -200 -1,890 -2,723 Lease liabilities -68 -751 -538 -41 -1,398 Non-current liabilities - -3 -10 -36 -49 Trade and other payables -113 -65 -172 -559 -909 Corporate income tax liability -54 -127 -105 -434 -719 Current accrued liabilities -68 -42 -755 -294 -1,160 Other current liabilities -47 - - -18 -65 Total identifiable net assets acquired 1,882 1,889 1,381 9,988 15,140 Non-controlling interest 1,074 - - 7,013 8,087 Goodwill 1,696 1,666 876 13,618 17,856 Acquisition-related costs incurred 75 18 28 159 281 Cash consideration -2,505 -2,523 -1,354 -13,876 -20,258 Less: cash acquired 399 512 916 1,665 3,492 Net outflow of cash - investing activities -2,106 -2,011 -438 -12,211 -16,766
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JANUARY–SEPTEMBER 2026 Q3 54 14. EVENTS AFTER THE REVIEW PERIOD No material events have occurred after the end of the reporting period that materially affect the company's financial position or operations.
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JANUARY–SEPTEMBER 2026 Q3 55 15. ADOPTION OF IFRS 18 In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements aimed at improving comparability of performance between similar entities and providing users with more relevant and transparent information. IFRS 18 changes the presentation of the financial statements and related disclosures but does not affect the recognition and measurement principles of items. The standard will become effective on 1 January 2027. Relais is currently preparing for its implementation.
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JANUARY–SEPTEMBER 2026 Q3 DEFINITIONS OF KEY FIGURES Key figure Definition EBITA1 Operating profit + amortisation of acquisitions Adjusted EBITA1) 2) Operating profit + amortisation of acquisitions + items affecting comparability included in EBITA for the period EBITDA1) Operating profit + depreciation, amortisation, and impairments Adjusted EBITDA1) 2) Operating profit + depreciation, amortisation, and impairments + items affecting comparability included in EBITDA for the period Adjusted operating profit1) 2) Operating profit + items affecting comparability included in Operating profit for the period Gross profit Net sales - materials and services Gross margin Gross profit/net sales *100 Items affecting comparability Listing expenses + transaction costs of acquisitions + contingent consideration costs of acquisitions + other non-recurring expenses + tax impact of items affecting comparability Adjusted profit (loss) for the period1) 2) Profit (loss) for the period + items affecting comparability included in profit (loss) for the period Adjusted profit (loss) for the period excluding amortisation of acquisitions1) 2) Profit (loss) for the period + items affecting comparability included in profit (loss) for the period + amortisation of acquisitions Adjusted earnings per share, basic2) Adjusted profit (loss) for the period attributable to the owners of the Parent Company - tax adjusted interest on hybrid loan / weighted average number of shares outstanding during the period Adjusted earnings per share, diluted 2) Adjusted profit (loss) for the period attributable to the owners of the Parent Company - tax adjusted interest on hybrid loan / weighted average number of shares outstanding during the period + dilutive potential shares Adjusted earnings per share excluding amortisation of acquisitions, basic Adjusted profit (loss) excluding amortisation of acquisitions for the period attributable to the owners of the Parent Company - tax adjusted interest on hybrid loan / weighted average number of shares outstanding during the period Adjusted earnings per share excluding amortisation of acquisitions, diluted 2) Adjusted profit (loss) excluding amortisation of acquisitions for the period attributable to the owners of the Parent Company - tax adjusted interest on hybrid loan / weighted average number of shares outstanding during the period + dilutive potential shares Earnings per share, basic Profit (loss) for the period attributable to the owners of the Parent Company - tax adjusted interest on hybrid loan / weighted average number of shares outstanding during the period Earnings per share, diluted Profit (loss) for the period attributable to the owners of the Parent Company - tax adjusted interest on hybrid loan / weighted average number of shares outstanding during the period + dilutive potential shares Key figure Definition Inventory turnover2) Last twelve month’s quarterly net sales / Last twelve month's quarterly average inventory Net working capital Inventories + short-term trade receivables + other receivables + prepaid expenses and accrued income - trade payables - other current liabilities - accrued expenses and deferred income Net working capital turnover2) Last twelve month’s quarterly net sales / Last twelve month's quarterly average net working capital Net Debt Loans from financial institutions + other loans + capital loans (excluding hybrid bond) + leasing liabilities – loan receivables – receivables from Group companies – subscribed capital unpaid – cash at bank and in hand Net debt, non-IFRS Loans from financial institutions + other loans + capital loans (including hybrid bond) – loan receivables – receivables from Group companies – subscribed capital unpaid – cash at bank and in hand Net Debt to EBITDA, LTM Net debt / last twelve month’s EBITDA Net debt to EBITDA, LTM (non-IFRS) 2) Net debt, non-IFRS / (last twelve month’s EBITDA - last twelve month's depreciation charge for right-of-use assets - last twelve month's interest expense on lease liabilities) Net gearing Net debt / (Equity + minority interest) Equity ratio Total equity / Total equity and liabilities Return on net working capital (RONWC) 2) Last twelve month’s quarterly adjusted EBITA / Last twelve month's quarterly average net working capital Return on capital employed (ROCE) 2) (Last twelve months quarterly adjusted EBITA / (Total equity + loans from financial institutions + other loans + capital loans + convertible bonds - cash, last twelve month's quarterly average) Return on equity (ROE) Profit (loss) for the period + minority interest, (periodical figures have been annualized) / (Total equity, last twelve month's quarterly average) 1) Key measure margin, % has been calculated by dividing the measure with net sales and multiplying by 100. 2) Alternative Performance Measure (“APM”)
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JANUARY–SEPTEMBER 2026 Q3 57 RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES (EUR 1,000 unless stated otherwise) 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Net sales 111,462 101,065 340,943 266,762 383,394 Materials and services -55,916 -52,100 -167,982 -135,980 -196,606 Gross profit 55,546 48,965 172,961 130,782 186,789 Gross margin, % 49.8% 48.4% 50.7% 49.0% 48.7% Operating profit 7,630 7,084 21,572 21,495 29,534 Items affecting comparability included in profit (loss) for the period Transaction costs of acquisitions 159 255 207 618 1,021 Amortisations of acquisition-related inventory fair-value adjustments (step-up) 259 1,691 339 1,691 1,771 Other non-recurring items 1,255 135 3,185 371 701 Non-recurring write-down of IT development cost (not included in EBITDA) - - 870 - - Items affecting comparability included in profit (loss) for the period 1,673 2,082 4,601 2,680 3,494 Adjusted operating profit 9,303 9,166 26,172 24,175 33,028 Depreciation, amortisation and impairments 8,661 7,308 26,269 17,672 25,600 EBITDA 16,292 14,392 47,841 39,167 55,134 EBITDA margin, % 14.6% 14.2% 14.0% 14.7% 14.4% Items affecting comparability included in EBITDA for the period 1,673 2,082 3,731 2,680 3,494 Adjusted EBITDA 17,964 16,474 51,572 41,847 58,628 (EUR 1,000 unless stated otherwise) 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Operating profit 7,630 7,084 21,572 21,495 29,534 Amortisation of acquisitions 2,209 1,748 6,213 3,488 5,388 EBITA 9,839 8,832 27,785 24,983 34,922 EBITA margin, % 8.8% 8.7% 8.1% 9.4% 9.1% Items affecting comparability included in profit (loss) for the period 1,673 2,082 4,601 2,680 3,494 Adjusted EBITA 11,512 10,914 32,385 27,663 38,416 Profit (loss) for the period 3,152 3,427 9,536 10,760 15,704 Adjusted profit (loss) 4,824 5,509 14,137 13,440 19,198 Adjusted profit (loss) margin, % 4.3% 5.5% 4.1% 5.0% 5.0% Amortisation of acquisitions 2,209 1,748 6,213 3,488 5,388 Adjusted profit (loss) excluding amortisation of acquisitions 7,033 7,257 20,350 16,928 24,586 Adjusted profit (loss) excluding amortisation of acquisitions margin, % 6.3% 7.2% 6.0% 6.3% 6.4% Operating cash flow before working capital changes 16,496 15,037 48,755 40,261 54,397 Change in working capital -5,429 -3,882 -8,051 -13,958 253 Purchase of tangible and intangible assets -1,367 -1,567 -5,489 -4,002 -5,216 Free cash flow 9,700 9,589 35,215 22,301 49,433 Cash conversion to EBITDA 59.5% 66.6% 73.6% 56.9% 89.7%
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